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Snapchat Files for a $3 Billion IPO
By: The Verge
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Five years after the launch of Snapchat, Snap is planning to go public. The company filed for an initial public offering on the New York Stock Exchange today, picking the ticker symbol “SNAP.” The company hopes to raise $3 billion and says it has 158 million daily active users. The IPO would reportedly value the company above $20 billion.

The filing comes at an exciting but challenging time for Snap. The company — originally named Snapchat — has declared its intentions to become “a camera company,” rather than just an app developer. And it’s already found some success with Spectacles, its fun pair of video-recording sunglasses.

The company says its advertising business is growing quickly. It reported $58.7 million in revenue for 2015, and grew that to $404.5 million in 2016. Along with that strong revenue growth, however, its losses also swelled. Snapchat lost $372.9 million in 2015 and $514.6 million this past year, more than its total revenue. Twitter was also struggling to generate a profit when it went public, while Facebook was not.

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This article was published on The Verge. A link to the original article can be found after the post.
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