Snapchat announced its First Earnings Report, falling short of Expectations

But it's not going so well.

All the copying appears to be paying off for Facebook.

Snap Inc, formerly Snapchat, Inc, is a camera company. That's not bad, considering Facebook only posted 32 percent user growth at its own post-IPO quarterly report in 2012, but it was already at 552 million users then, compared to Snapchat's current 166 million daily active users.

Wednesday's results from Snap come just a week after Facebook reported solid first-quarter results, with double-digit revenue growth - as it has consistently since its IPO. It also said that the company lost $2.31 per share, though most of that was due to expenses related to stock-based compensation.

But Facebook - which once offered $3bn to buy the business - has upped the ante by offering features similar to Snapchat on its platforms including Instagram and WhatsApp.

Snap, for the first time, has revealed its earnings since becoming a public company in March this year. The results sent shares diving after-market Wednesday, and they were opened trading on Thursday down about 20% to $18.43 on Thursday morning. Enabling users to curate their photos and videos into a daily story, Facebook quickly found that the stories format was a major hit on Instagram when it unashamedly copied Snapchat past year.

In recent months, Facebook has launched Facebook Stories, a near-identical clone of Snapchat's most popular feature, also called Stories. See a trend here?

It says Shows is attracting audiences of around 8 million people. Why call when you can snap, after all?

Snap CEO Evan Spiegel is "so arrogant" and needs to find some humility, CNBC's Jim Cramer said Thursday. That could be a plausible explanation for Snapchat's own slow user growth over the Jan-Mar quarter.

The key will be how Snap recovers going forward. Facebook is a social media behemoth compared to Snapchat and its numbers prove the same.

That's almost a decade younger than the average age of retail clients trading Snap that day, TD said.

"The fact that they failed to live up to expectations, let alone exceed them, disappointed people", said BTIG analyst Richard Greenfield. That might help them expand their user base.

Teens, though, don't necessarily want to use the same messaging and socializing tools that their parents and grandparents are using. But to try and appeal to a 15-year-old at the same time as a 30-year-old might end up alienating both groups.

But Snapchat is trying to stay ahead of the curve.

In March, Facebook finished rolling out Snapchat's core stories format to every one of its major social networks.

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