Snap Inc. reported first-quarter revenue of $1.36 billion, a 14% year-on-year increase that edged past analysts’ estimates, while its net loss narrowed to $140 million, or $0.08 a share. Adjusted EBITDA reached $108 million, far above the roughly $65 million expected, and operating cash flow improved to $152 million. User growth remained robust. Daily active users rose 9% to 460 million, and monthly active users exceeded 900 million for the first time. Average revenue per user increased 5% to $2.95, helped by a 75% jump in subscription-driven “other revenue,” which totaled $152 million in the quarter. Despite the stronger results, the company declined to issue a formal outlook for the current quarter, citing uncertainty over how macro-economic conditions could affect advertising demand. Management said direct-response ads accounted for 75% of sales and warned that potential “headwinds” make short-term forecasting difficult. The lack of guidance overshadowed the revenue beat and narrower loss, sending Snap shares down about 12% to 14% in extended New York trading and prompting several analysts to cut their price targets.