Growth struggles, including lower-than-expected active user volume, marked Snap’s first quarter as a public company.

The photo-based messaging company, which went public in early March, is growing — albeit slower than expected. For the quarter ended March 31, Snap’s daily active users (DAU) grew to 166 million from 122 million in the first quarter of 2016 — an increase of 36% year-over-year.

However, DAUs only increased 5% quarter-over-quarter, from 158 million in the fourth quarter of 2016. Snap defines DAUs as a registered Snapchat user who opens the app at least once during a defined 24-hour period.

Similarly, average revenue per user (ARPU) was $0.90 in the first quarter, an increase of 181% over the…