Rebecca Zisser / Axios

Snap's hotly awaiting first quarterly results are in, and the company missed Wall Street analyst expectations for both revenue and earnings. Shares are down more than 20% in after-hours trading, while rival Facebook has seen a small stock bump.

The parent company of the ephemeral messaging app generated $149.6 million in Q1 2017 revenue, which is lower than the $156 million analysts expected. It lost a whopping $2.2 billion, although it says that most of that is due to paying out stock-based employee compensation.

Other numbers:

  • Daily active users: 166 million, up 36% from a year ago, and 5% from last quarter. This is key, since Snap's entire value story is about user growth.
  • Average revenue per user: $0.90, up 181% from a year ago, and 14% from the previous quarter. Note that Snap only really started to monetize in 2015, so the significant increase over the last year is no surprise.
  • Hosting costs per DAU: $0.60, slightly up from a year ago ($0.52), but lower from last quarter ($0.72), suggesting Snap is doing fairly well at controlling its hosting costs.

Go deeper

Cleanup on aisle Biden

Photo: Andrew Caballero-Reynolds/AFP via Getty Images

After two gaffes and a low blow from President Trump questioning his faith, Joe Biden spent Thursday evening off his own message — clarifying comments and responding to attacks.

Why it matters: Biden’s responses reflect what we could see a lot more of in the next few months — cringeworthy comments and Trump smears, smacking into each other and pulling the Democrat off course.

2020 election strategy: Hire all the lawyers

Illustration: Eniola Odetunde/Axios

The coronavirus has sent overall U.S. unemployment into the double digits — but it's a sort of full-employment act for election law attorneys.

The big picture: The prospect of extended court fights over COVID-19-related voting changes, an absentee ballot avalanche, foreign interference and contested presidential results has prompted a hire-all-the-lawyers binge by candidates and campaigns — not just in swing states but around the country.

Right-wing media defanged by dissolving anti-Biden storylines

Data: NewsWhip; Chart: Naema Ahmed/Axios

The three biggest anti-Joe Biden storylines in right-wing media over the last year have either fizzled or are getting less online traction than they used to, according to data from NewsWhip provided exclusively to Axios.

Why it matters: This dynamic has rendered a formidable media ecosystem less effective in boosting President Trump as we move into the heart of the 2020 campaign.