Thats right you didn't read that wrong that's Billion with a B not Million with an M.
SNAP couldn't live up to the Wall street hype as they posted sales for the March quarter of £115.9 Million ($149.6 Million) while users grew from 166 million to 174 million in the same time. That seems impressive but the user growth has actually slowed down. In previous quarters Snapchat were adding 10 Million users every month.
Obviously stocks have fell as much as 25% after trading hours on Wednesday.
Evan Spiegel is SNAPS 26 year old CEO hasn't mentioned much about the loss. He stated on a conference call he thinks about user growth "through the lens of creativity." and "The more that we can remove friction from this creative process, the more that people want to use this service, and that's our strategy,"
There have been many concerns from shareholders who worry about the lack of voting rights the have over the company's future.
One of the factors fro this might be the fierce competition between facebook and snapchat we have seen since the beginning of the year. It’s common knowledge that facebook has launched quite a few Snapchat-like features into both Facebook and Instagram.
"I think we were a little bit late to the trend initially around making cameras the center of how sharing works," Facebook CEO Mark Zuckerberg said "But I do think at this point, we're pretty much ahead in terms of the technology that we're building."
Spiegel, SNAP CEO said "everyone is going to develop a camera strategy." he then added "Just because Yahoo has a search box doesn't mean they're Google."
Snapchat added a new feature this week where users can make their messages last indefinitely over disappearing in the usual 10 seconds. The company has also overhauled their advertising platform.
This isn't the first time a social media platform has felt the brunt of Wall Street both Twitter and facebook had an uphill struggle went they first went public. Can Snapchat claw its way back? Only time will tell.