But it was lower than expected revenues and slowing growth in user numbers that gave investors the jitters.
The loss mirrored slides in Facebook and Twitter after they posted debut scorecards following their IPOs.
Evan Spiegel, co-founder and chief executive, said on a conference call the company had been working on performance improvements and promoting its Android app, which could offer more growth globally compared with Apple's iOS. That Facebook is going after Snapchat is not news, but the battle has now become somewhat ugly.
"You have to get comfortable with the fact that people are going to copy you if you make great stuff", he said. "Just because Yahoo! has a search box doesn't mean they're Google".
Along with Snap's slow growth, monetization of its user base also troubled investors. The company however is no where close to achieving profitability.
Backed Syrian forces say Raqqa assault could start in June
Hevdeli said the U.S. arms shipments would "arrive soon" and added that Raqqa would be captured without help from other forces. Tabqa residents began returning to their homes on Friday, but Shahhour Zuair, 46, told AFP the situation remained hard .
Klopp assures Liverpool fans of talks with transfer targets
Liverpool are stumbling towards a top-four finish which would bring a return to the Champions League. "We have to give everything and then we will see if we can convince the player".
Tribune Media posts surprise quarterly loss
The 52 week high Tribune Media Company's shares have peaked at is 43.04 whilst the 52 week low for the company's shares is 27.75. Over the last 5 years, Tribune Media Company has averaged a -12.63% YoY EPS growth rate and a -8.90% revenue growth rate .
The first quarter quarter as a public company can often be a rough one, and CNBC notes social media giants Facebook, Twitter, Yelp and LinkedIn saw big stock drops following their first earnings.
Facebook's Instagram has been beefing up its camera features, making its app more like Snapchat. Instagram revealed last month that there were more than 200 million daily active users for Instagram Stories, its Snapchat clone - or more than the number of daily users for Snapchat itself.
The company's engagement was strong in the first quarter, while time spent per user also rose to more than 30 minutes per day. The majority of the losses were attributed to stock-based compensation associated with the company's recent IPO. "Time will tell whether that's possible", he added.
Revenue was $149.6 million, nearly four times as much as a year ago but falling short of Wall Street estimates of $158.6 million. That was down from 53 percent growth in users in the first quarter of 2016, continuing a slowdown in new users that Snap first disclosed in its public offering filings this year. In the quarter before however, the company grew that figure by 48%.
It has also aggressively updated its app. The day before the report, they pushed bearish wagers on the stock to the highest level since Snap's March 1 IPO, selling a whopping $100 million short over the past week alone, according to data compiled by the financial analytics firm S3 Partners. This sets it apart from its rivals, but could also make it more hard for businesses to target ads to its users based on their personal connections. He said the figure was surely "eye popping". The company rebranded as Snap Inc previous year, and moved into the hardware space with Spectacles, its colourful sunglasses that record short videos to post on Snapchat.