Snapchat Gains Users But Continues To Lose Money

California-based Snap said its loss in the recently-ended quarter shrank to $249 million from $377 million in the same period a year earler, while revenue grew to $1.

2 billion from $1 billion.\r\n\r\nSnap touted hitting a milestone of more than 850 million monthly users in the quarter.\r\n\r\n“We continued to scale our advertising platform with active advertisers more than doubling year-over-year,” Snap chief executive Evan Spiegel said in an earnings release.\r\n\r\nInvestors appeared to focus on Snap’s forecast that revenue would grow 12 percent to 16 percent in the current quarter, expecting more from the social network’s ad platform.\r\n\r\nSnap shares were down more than 16 percent to $10.

73 in after-market trades.