Snap Inc. saw income crater deeper in its second-quarter earnings report as revenue and daily active users gained steam.
The company reported a net loss of $443.1 million, or 36 cents per share, compared to a loss of $115.9 million, or 14 cents per share, in the prior-year period. On a non-GAAP basis, the company reported a loss of $195.5 million, or 16 cents per share, compared to $107.4 million, or 13 cents per share, a year prior.
The S&P Capital IQ consensus EPS estimate for the second quarter was a loss of 30 cents per share on a GAAP basis and 14 cents on a non-GAAP normalized basis.
Revenue for the quarter came to $181.7 million, up from $71.8 million for the 2016 second quarter. Daily active users grew by 21% year over year to 173 million.
Snap shares dropped rapidly after the release, down over 11% in after-hours speculation as of 4:30 p.m. ET on July 10.