Snap’s efforts to attract users, and advertisers, are less effective than investors imagined. Its just-released Q2 report showed it fell short of almost every benchmark Wall Street set for the company sending shares down more than 16% in post market trading.

The company went public in March at $17 a share, and now trades for less than $12.

Snap reported a Q2 net loss of $443.1 million, from a $115.9 million loss in the period last year, on revenues of $181.7 million, up 153%. Analysts expected revenues to hit $186.2 million.

The 16 cents a share adjusted loss compares to expectations for a 15 cent loss.

Just as important: Daily active users, at 173 million, were up 7.3 million from Q1. Investors thought they’s see a 10 million increase. Average revenue per user at $1.05 also was below the $1.08 that Wall Street anticipated.

Investors have been losing faith in the company behind Snapchat, especially as Facebook’s Instagram began to offer many similar ways for smartphone users to alter pictures.