Snapchat loses three million users in three months

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During the period from April 1 to June 30, Snap Inc received $262 million in revenue, with a net loss of $353 million.

But the share prices gave up much of those gains soon after, as the news sunk in that the company's user base wasn't growing as expected, with Snapchat losing daily active users quarter-over-quarter for the first time in its history.

The company will continue to work on improving the app based on community feedback.

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Snap (SNAP) has lagged behind its social media brethren this year while waiting for its retooled design to resonate with consumers. Snap stock was trading at just over $13 a share ahead of Tuesday afternoon's report, down from a 52-week high of $21.22.

The ephemeral social media company revealed in its latest earnings report that its daily active user count has dipped, attributing the decline to early frustrations with its new-look app. On two occasions, they plunged more than 20% after results were announced.

That's despite a drop in active users-a first for the company.

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The deal comes as Snap posted second-quarter earnings on Tuesday that showed Snapchat had lost users. Both companies shed some 19 percent in market value after reporting, and the results also weighed on Snap shares.

Snap Inc.'s second-quarter revenue topped analyst projections, signaling a pickup in demand for mobile advertising even as a controversial redesign of the Snapchat mobile app continued to hinder user growth. That has come at the cost of the premium feel Snap had tried to ascribe to its ads, but given overall sales a jolt by attracting more advertisers.

"We thought the commentary around the Android rebuild indicated that we might be waiting about a year before we can expect to see the benefit from those efforts (and in the near term, DAUs should be down again next quarter)", Mark Kelley, an analyst at Nomura Instinet, said in a note to clients Wednesday. Chief Executive Officer Evan Spiegel defended his strategy, saying that while the redesign was the primary reason for fewer daily users, "we believe that this is an important evolution of our product that will help drive future growth in engagement", according to his prepared remarks.

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Employees had griped about Snap's network of small, spread out offices in Venice.