Snap ($SNAP@US) reported disappointing first-quarter results that missed analysts' expectations on revenue, causing a drop in shares by as much as 20 percent. The company's earnings per share were 1 cent, adjusted, versus an expected loss of 1 cent, and revenue was $989 million versus an expected $1.01 billion. Snap's global daily active users were 383 million versus the 384 million expected, and average revenue per user was $2.58 versus $2.63 the expected. The company's "internal forecast" for Q2 revenue is $1.04 billion, representing a 6 percent year-over-year decline, compared to analysts' expectations of $1.10 billion. Snap faces challenges in the online advertising market, due to reduced spending on advertising by companies in an uncertain economy. Unlike its larger rivals, Facebook ($META@US) and Google ($GOOGL@US), Snap does not have the global reach to navigate the difficult digital ad sector.