Snap, the company that owns media sharing social media platform Snapchat, posted a $422 million loss in the second quarter of 2022. 

Following the report, the company’s stock fell by 26% as well, according to a Forbes report on Friday. It shows that investors are losing faith in the company, given that it had also posted a loss in Q1 2022, although, this time, it was 17% more.

The expectation had been that Snap would turn its fortune around this quarter, but it appears to have failed to do that. “The second quarter of 2022 proved more challenging than we expected,” it said in a letter to investors.

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However, it is not all bad news for the social media company. 

It made $1.1 billion in revenue during this period, which was more than the $1.06 billion it made in the first quarter of this year. In addition to this, Snap added 4.5% more daily active users, growing to 347 million.

“Our financial results for Q2 do not reflect the scale of our ambition. We are not satisfied with the results we are delivering, regardless of the current headwinds,” Snap said about how it sees the coming months.

With competition from Meta, TikTok, and Twitter, the company faces an uphill task in restoring its shares to an all-time high. Yet, it is not folding its arm. Among the steps that Snap has undertaken include slowing hiring as well as rolling out a premium subscription version of the service. It also rolled out products like its selfie drone, Pixy.

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