When Snap Inc. (NYSE: SNAP) reported first-quarter financial results after markets closed Wednesday, it was absolutely disastrous. This was the first quarter that Snap reported, and the stock actually hit a post-IPO low. A few analysts took this opportunity to adjust their calls on the stock, and for some it seemed like an “I told you so” moment.

24/7 has included some highlights from the earnings report, as well as what a few analysts are saying after this huge disappointment.

The company said that it had a net loss of $2.31 per share and $149.6 million in revenue, versus consensus estimates from Thomson Reuters that called for a net loss of $0.19 per share and revenue of $157.98 million. The same period of last year reportedly had a net loss of $0.14 per share and $38.80 million in revenue.

During this quarter, daily active users (DAU) grew to 166 million from 122 million in the first quarter of last year, an increase of 36%. DAUs increased 5% quarter over quarter, from 158 million in the fourth quarter of 2016.

Average revenue per user (ARPU) totaled $0.90 in this quarter, an increase of 181% year over year, while ARPU decreased 14% quarter over quarter.

At the same time, hosting costs per DAU were $0.60, compared with $0.52 in the first quarter of 2016 and $0.72 in the fourth quarter of 2016.

Merrill Lynch maintained a Neutral rating but cut its price objective to $23 from $25. While the firm noted revenue and earnings under street expectations and while it lowered its expectations ahead, it does think that longer-term investors will like growing engagement. The firm said:

We are encouraged by early signs of a rebound in Android user growth and growing user time spent, and we think Snap will effectively monetize its user base over the long-run. However, deceleration of user growth, competitive concerns, volatility due to absence of Street expectations management, and lock-up expiration are overhangs that are likely to continue. We reiterate our Neutral rating and lower our PO to $23 based on slightly lower user monetization estimates in our DCF.

Jefferies maintained a Buy rating and kept its high $30 price target in place. The Jefferies report said:

Snap reported its first quarter as a public company showing both DAU & ARPU growth Y/Y. Engagement continues to increase on the platform with users on average spending 30+minutes/day. Expected seasonality in revenue led to a Q/Q decline in ARPU, but we expect Snap to buck that trend as it has opportunities to increase ad load as well as offer advertisers better targeting capability. Maintain Buy & $30 price target.

A few other analysts weighed in as well:

• JPMorgan maintained a Neutral rating and the price target was cut to $20 from $24.
• Cantor Fitzgerald upgraded it to Neutral from Underweight and the price target was cut to $17 from $18.
• Oppenheimer raised it to Outperform from Perform with a $23 price target.
• Citigroup kept a Buy rating but lowered its target from $27 to $24.
• Cowen still has an Outperform rating but cut its price target to $21 from $26.
• Barclays cut its price target to $18 from $24.
• Deutsche Bank lowered its price target to $23 from $30.
• Stifel cuts price target from $24 to $22.
• UBS cut the price target to $19 from $24.

Shares of Snap were last seen down 18.6% at $18.71, with a consensus analyst price target of $23.43 and a post-IPO range of $17.59 to $29.44.

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