Snapchat takes another hit on Wall Street

News of heavy losses at Snapchat's parent company, Snap Inc, saw shares plummeting by more than 16%

Dancing hot dogs were not enough to save Snapchat from another Wall Street pounding on Thursday. Losses at Snapchat's parent company have nearly quadrupled in the last three months, the company announced, sending the social media company's shares to a new low in after hours trading.

Snap Inc lost $443m in the second quarter. The company paid out $242m in stock based payments and associated taxes over the quarter. The mobile app's revenues rose 153% to $182m, but were below Wall Street forecasts. The company also failed to match expectations for growth, adding 7.3 million new users over the quarter, below the 8 million expected by analysts. Snapchat had 173 million daily active users over the quarter.