Snap; the parent company of Snapchat reported $149.65 million in revenue for its Q1 of 2017 Wednesday, compared to just $38.8 million for the same quarter last year. The company had a net loss of $2.2 billion, compared to $104.58 million for Q1 of 2016. However, much of that was due to stock-based compensation, with $750 million alone going to CEO Evan Spiegel. The operating expenses for the quarter were $196 million.
Analysts had expected revenue to come in at $158 million. Shares of Snap were down 23% in after-hours trading.
Its user numbers also came up as Snap had 166 million daily active users in the March quarter, an addition of just 8 million from the previous quarter but its stock fell as much as 25% erasing nearly all the gains since it went public at $17 per share.
Snapchat added just five million daily active users in the final three months of last year, down from at least 10 million added in each of the previous four quarters. Facebook’s fierce competition with Snapchat has also heated up in the months since Snap’s IPO. Facebook has since launched Snapchat-like camera features in Messenger, WhatsApp, Instagram and its flagship app.