Snap generated revenue of $181.7 million during its second quarter, which ended on June 30, compared to $71.8 million during the same quarter in 2016. Net losses came in at $443 million, compared to $115.9 million a year ago. This equals a loss of $0.16 per share.
Analysts had expected revenue of $185.8 million, and losses of $0.14 per share.
The service did manage to grow its daily users, if only a little bit: Snap had some 173 million daily active users in Q2, compared to 166 million during Q1 and 161 million in December. Analysts had hoped for 175 million daily active users.
However, there were a few bright spots for investors in Thursday’s report: 4 million of Snapchat’s new users came from the U.S. and Canada, the market that’s best monetized by the company. The service added another 2 million users in Europe and the rest of the world, respectively. In Q2, Snapchat generated 81% of its revenue in North America.
Snap CEO Evan Spiegel also pointed out that the service’s daily active users now spend an average of 30 minutes per day in the app, sharing an average of 20 Snaps.
And finally, revenue per user in the U.S. rebounded to Q4 levels ($1.05) after cratering in Q1 ($0.90). Interestingly, this was driven by a significant growth in Europe, where Snapchat generated $0.39 per user this quarter, compared to $0.24 in Q1.
Still, losses are weighing heavily on Snap’s bottom line. The company did report a record net loss of $2.2 billion during Q1, but that was largely due to stock-based bonuses for top executives. Its Q2 losses of $443 million were more worrisome to investors, and contributed to them driving down Snap’s stock a whopping 17% in after-hours trading.