Snap (SNAP) shares plunged🔴 19% in early trading on Wednesday after the parent of the Snapchat social media app gave weaker-than-expected current-quarter guidance as it works to boost advertising revenue.

Snap predicted that third-quarter sales would be in the range of $1.07 billion to $1.13 billion, “built on the assumption” it will have 405 million to 406 million daily active users (DAUs). Analysts had anticipated $1.13 billion in revenue and 406 million DAUs.

The company said its business “remains in a period of rapid transition as we work to improve our advertising platform.” It added that the outlook for future ad demand “remains limited" amid broader macroeconomic uncertainty.

In the s☂econd quarter, Snap slashed its losses by 10.6% as it cut costs. The company posted a loss of $377 million, o🏅r 2 cents per share, half of forecasts. Revenue fell almost 4% to $1.07 billion, but that also exceeded estimates.

DAUs jumped by 50 million, or ဣ14%, to 397 million. Average r🔜evenue per user dropped 13.9% to $2.69. Both were more than expected.

Despite Wednesday's plunge, shares of Snap were still in positive territory for the year.