Snap hits a record low after growing more slowly than expected (SNAP)

Roger McNamee

Eight analysts surveyed by Zacks expected $186.9 million. Revenue rose to $181.7 million, versus expectations for $185.8 million.

For the quarter ending in June, analysts on average expect $187 million in revenue and an adjusted loss of 14 cents per share, according to Thomson Reuters data.

But it wasn't all bad news. The Los Angeles tech company reported $182 million in sales, up 153 percent from $71.8 million in last year's second quarter.

"There's a lot of this thing in our industry called growth hacking, where you send a lot of push notifications to users or you try to get them to do things that might be unnatural or something like that", Spiegel told investors in May. The company reported ($2.31) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($2.05) by $0.26. Cost of revenue rose to $152.1 million from $94.8 million previous year. Instagram in its entirety, meanwhile, had more than 400 million daily users as of February, the last official count.

Also weighing on the stock: Employees will also be able to sell their shares on the public market for the first time next week, presenting an ultimate test of confidence in the company.

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Evan Spiegel, Snapchat's cofounder and CEO, has sounded confident despite all this. "Snap is one of six platforms with over 150 daily active users outside of China". Snap executives have argued that they can meaningfully grow the business by making more money off existing users, rather than rely on exponential user growth like Facebook.

"Our dancing hot dog is most likely the world's first augmented reality superstar", Spiegel said in the call. The company is also improving its ad measurement and analytics. He doesn't even like calling Snapchat a social network; he insists it's a camera company.

Instagram Stories, which has features similar to the Snapchat disappearing message app, launched a year ago and has seen user numbers climb to 250 million. Investors have been anxious about the volatility of the stock, with a post-IPO ban on employees selling shares expiring on Monday. "We believe deeply in the long-term success of Snap".

Chief Strategy Officer Imran Khan said that 60% of Snap ads are now delivered programmatically.

"DAUs have slowed down while rivals like Instagram have demonstrated considerable growth". While that's a gain of 21 percent year-over-year, it represents growth of 4 percent (or 7 million new users) from the previous quarter, down from growth of almost 24 percent in the second quarter of 2014. That seemed to suggest that Snap thinks it will eventually have opportunities to sell ads within the feature. An analyst asked Spiegel to specifically explain the so-called growth-hacking techniques - things like sending lots of push notifications that are created to boost app usage - he opposes.

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