Shares of Snap tumbled over 10 percent and hit an all-time low Friday, after the social media company posted weaker-than-expected second quarter financial results.

After Thursday's closing bell, Snap reported smaller-than-expected quarterly revenue of 181.67 million U.S. dollars and larger-than-expected quarterly net loss of 443.09 million U.S. dollars.

Meanwhile, the firm also reported a disappointing growth in its daily active users.

It announced that its daily active users grew from 143 million in the second quarter 2016 to 173 million in the same period 2017, an increase of 21 percent year on year.

The company pointed to the fact that more than 25 percent of all smartphone users in the U.S., the U.K., and France are now using Snapchat every day, which is a positive sign.

"I think this could also mean that the market of potential users is dangerously approaching a saturation point," said Stephen Guilfoyle, president of Sarge986 LLC, in a note.

Snap made its trading debut on the New York Stock Exchange (NYSE) in March 2017, in the largest technology initial public offering since Alibaba.

However, the newly public social media company has been facing severe competitions from tech giants like Facebook.

The California-based Snap is the parent company of Snapchat, a social-media app which is beloved by teenagers.