Snap is tanking after disappointing earnings

It might be a beautiful day in Venice, CA, but things at the beach-headquartered Snap are not so sunny at the moment.

Snap reported disappointing revenue in its Q1 earnings report on Tuesday — and the market reacted like the volatile, fickle beast that it is. 

SEE ALSO: Snapchat blew its first-ever earnings

Snap missed investor expectations big time, reporting a quarterly revenue of $231 million. The expectation was $244.5 million, according to a Thomson Reuters consensus estimate.

And things aren't likely to improve any time soon. CEO Evan Spiegel said that Snap's growth is stalling.

"We are planning for our Q2 growth rate to decelerate substantially from Q1 levels," Spiegel said. Read more...

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