Look at the big gap between Snapchat’s revenue per user and Facebook’s

Snapchat parent company Snap’s first ever earnings report as a public company is out and it’s not pretty.

The stock is down roughly 20% in after-hours trading after Snap missed Wall Street revenue expectations and its user growth fell to the slowest level in years.

Snap’s average revenue per quarter was up nicely year-on-year, but the company’s pace of monetization remains well below that of Facebook, Snapchat’s primary competitor.

The ARPU gap shows how much of a challenge Snapchat faces in its battle against Facebook. Of course, a bullish Snap investor might view it from a more optimistic perspective, as a sign of how much room Snap has to grow.

Here’s Snap’s average revenue per user for the first quarter:


And here’s Facebook’s first quarter ARPU: