https://techcrunch.com/2017/08/10/snapchat-earnings-q2-2017/

Snap’s Q2 earnings report was another failure on a long, downward path for the social media company as user growth slowed under the pressure of Instagram. Snap added 7.3 million daily active users to reach 173 million with a 4.2 percent growth rate, slower than the 5 percent growth that got it to 166 million DAU in Q1. Snap missed on revenue that reached $181.6 million with a loss of -$0.16 earnings per share. That’s compared to Wall Street’s estimates of $185.8 million in revenue and a loss of -$0.14 EPS plus 175 million users.

Snap lost $443 million this quarter, up nearly 4X from $116 million in Q2 2016, showing its marketing and sales expenses are ballooning despite it still missing on earnings.