Snap posts $230.7 million in revenue, 191 million daily active users in Q1 2018 earnings report

The company missed analyst expectations by six percent

Snapchat partners with Shopify

U.S.-based social networking company Snap Inc. announced that it generated $230.7 million USD (roughly $296.4 million CAD) in revenue, in its first-quarter 2018 earnings report.

According to Business Insider, the company also revealed that it has 191 million daily active users.

Snap reportedly missed analyst expectations by six percent.

“We are planning for our Q2 growth rate to decelerate substantially from Q1 levels,” said Drew Vollero, according to Business Insider. “With growth in auction impressions, partially offset by pricing for both Snap Ads and Creative Tools.”

The news comes months after Snap confirmed that it would be cutting 120 engineering jobs — the largest round of layoffs in the company’s short history.

The company launched its second-generation spectacles last week, as well as a much-maligned interface redesign last year.

Snap’s stock currently sits at $14.13 USD (roughly $18.15 CAD).

Source: Business Insider