Snap Inc. (NYSE: SNAP) reported first-quarter fiscal 2018 results after markets closed on Tuesday. The social media company posted an adjusted diluted loss per share of $0.17 on revenues of $230.67 million. In the same quarter a year ago, Snap reported a loss per share (EPS) of $0.20 on revenues of $149.65 million. The consensus estimates for the quarter called for a loss of $0.17 per share and $243.55 million in revenue.
On a GAAP basis, the company posted a net loss of $0.30 per share or $385.79 million compared with GAAP net loss of $2.21 billion in the first quarter of last year.
Snap reported average revenue per user (ARPU) of $1.21 in the first quarter, up 34% year over year but down 21% sequentially. Cost of revenue per use rose 5% year over year and 1% sequentially to $1.03.
The number of daily active users rose from 166 million in the year-ago quarter to 191 million, up 15% and up 2% sequentially.
Cash and marketable securities totaled $1.8 billion at the end of the first quarter and cash burn fell 13% sequentially in the quarter to $222 million. Capital spending doubled from $18 million a year ago to $36.3 million.
The company noted that while revenue was up 54% year over year it fell 19% sequentially “primarily due to seasonality and our redesign.” The website redesign in February famously led to one or another of the Jenners ditching Snapchat and temporarily costing the company $1 billion in market cap.
Investors are not amused with Snap’s report. Shares are down about 16% in Tuesday’s after-hours session at $11.90 in a 52-week range of $11.28 to $23.57. The 12-month consensus price target on the stock is $15.42.