The company said users logging in at least once a day dropped for the first time, hitting 188 million over the three months ending June 30, down from 191 million earlier this year.

Evan Spiegel, Snap's CEO, blamed much of the poor results on an unpopular redesign that was released six months ago that was so unpopular social media influences like Kylie Jenner openly expressed their disappointment.

Mix that with a controversial ad shown on Snapchat making light of domestic abuse involving the pop star Rihanna, and Snap just can't seem to get things right lately.

Even before its earnings report, news shot around the internet that the social network had failed to properly lock down its iOS app, leaking portions of the source code to its app.

"These results do not cause us to alter our longer-term view by much," wrote Pivotal Research analyst Brian Wieser in a note to investors.

He has a "sell" rating on the stock.

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