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After the report was released, Snap's stock price rose slightly to $13.20 from the regular session's close of $13.12.

Advertising revenue is up 48 percent year-over-year as well, making the platform all the more enticing to the potential advertiser.

On Tuesday, Prince Alwaleed bin Talal also said he's acquired a 2.3% stake in Snapchat.

"It gives an incredible opportunity for advertisers to come and win on our platform", Chief Strategy Officer Imran Khan told analysts on a webcast on Tuesday. Last quarter, its stock dropped by as much as 24% after releasing its first-quarter earnings report. During the period from April 1 to June 30, Snap Inc received $262 million in revenue, with a net loss of $353 million. This is over 20pc lower than the previous quarter, when Snap lost $443,093.

Snap forecast third-quarter sales of $265 million to $290 million, up 27 percent to 39 percent from a year earlier, compared with 44 percent revenue growth in the second quarter.

The Average Revenue per User is a full ten cents above estimate, at $1.40.

Fetus discovered by crew on plane from Charlotte to NY, sources say
A spokesperson for the Queens District Attorney Richard Brown, whose jurisdiction includes the airport, declined to comment. The incident did not have any "major impact" on the airline's morning operations, according to the station.

Snap is battling for relevance against Facebook-owned Instagram, and many analysts had expected active daily user numbers to be flat. That 188 million daily active user number is 8 percent higher than this time a year ago, and CFO Tim Stone said that monthly active users are now up to 100 million in U.S. and Canada.

The new design, which was reportedly spearheaded by Spiegel himself, prompted an outpouring of anger from users nearly immediately.

Earnings from Facebook and Twitter Inc in recent weeks spooked social media investors by showing issues around data privacy, abusive content and phony accounts were weighing on user growth.

But some analysts on Tuesday brushed off Snap's user drop, saying that Snapchat always had more limited appeal than larger rivals.

Snapchat rolled out a massive redesign to its app in November of past year that stirred quite a bit of controversy. Overall though, Snapchat saw a small increase in its Monthly Active Users. Both companies shed some 19 percent in market value after reporting, and the results also weighed on Snap shares.