Shares of Snap rose as much as 11% in after-hours trading Tuesday following the company's release of second-quarter earnings. This before quickly sinking into the red as investors digested the implications of a slowdown in users on its flagship Snapchat app.
Business Insider reports that the stock is set to open down about 1% Wednesday morning.
For the quarter ended June 30, Snap said it lost an adjusted $0.14 per share in the quarter. analysts had expected a loss of $0.18 per share. Revenues were also better than anticipated, coming in at $262 million where analysts had expected $250 million.