Snap, the parent company of social media platform Snapchat, saw its shares slide to an all-time low in after-hours trading following its announcement of large quarterly financial loss and sinking user numbers.
For the third quarter, the company reported a loss of $325.1 million, or 25 cents a share. Snap reported revenue of $297.7 million in the period, surpassing analyst forecasts. Ten analysts surveyed by Zacks expected $283.5 million.
Globally, daily active users fell by 2 million from the prior quarter to 186 million. It's the second consecutive quarter in which the social media company has posted a drop in users.
Snap shares fell more than 10 percent after trading closed, to $6.26.
For the current quarter ending in December, Snap said it expects revenue in the range of $355 million to $380 million.
Snap shares have fallen more than 50 percent since the beginning of the year.