Snap Inc. reported second-quarter revenue of $1.34 billion, a 9% year-over-year increase but a touch below the $1.35 billion Wall Street expected. The owner of the Snapchat app posted a net loss of $262.6 million, or a loss of 16 cents a share, missing the consensus loss of 15 cents. Management blamed a temporary technical issue in its advertising auction for restraining revenue growth during the quarter. Key user metrics continued to expand. Daily active users reached 469 million, slightly ahead of forecasts, while monthly active users climbed to 932 million. However, global average revenue per user slipped to $2.87, undershooting analysts’ $2.90 target. Adjusted EBITDA fell to $41.3 million from $55 million a year earlier and trailed the Street’s $48.7 million estimate. Free cash flow swung to a positive $23.8 million from a negative $73 million in the prior-year period. Snap’s subscription service, Snapchat+, grew 42% year over year to almost 16 million paying members, lifting the company’s Other Revenue category 64% to $171 million. The company continues to invest in artificial-intelligence and augmented-reality features aimed at boosting engagement and advertising effectiveness. For the third quarter, Snap projected revenue of $1.48 billion to $1.51 billion and adjusted EBITDA of $110 million to $135 million, both broadly in line with or slightly ahead of market expectations. It expects daily active users to rise to about 476 million. Investors focused on the softer monetization metrics and the advertising glitch, sending Snap shares down roughly 15% in after-hours trading despite the company’s upbeat outlook for the current quarter.