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Snap Inc. filed a confidential initial public offering (IPO) with the Securities and Exchange Commission last year, leaving many to wonder about the details. But now, the house of Snapchat has raised the curtain on aspects of the deal.
The IPO could value the company at up to US$25-billion, the Wall Street Journal reported.
“Snap Inc. is a camera company. We believe that reinventing the camera represents our greatest opportunity to improve the way people live and communicate,” read an excerpt of founder Evan Spiegel’s letter in the filing. “Our products empower people to express themselves, live in the moment, learn about the world and have fun together.”
The company also published a visual timeline in the filing.
Snap Inc. laid bare some of its user numbers in the filing.
“On average, 158 million people use Snapchat daily, and over 2.5 billion Snaps are created every day. On average, our users visit Snapchat more than 18 times per day, and spend 25 to 30 minutes on Snapchat every day,” read a passage.
“We had 158 million Daily Active Users on average in the quarter ended December 31, 2016, an increase of 48% as compared to our Daily Active Users in the quarter ended December 31, 2015,” the company added.
Snap Inc has a load of users, but the house of Snapchat hasn’t turned a profit in the last two years
What about the financial side of things? The firm revealed details here as well.
“In the year ended December 31, 2016, we recorded revenue of $404.5 million, as compared to revenue of $58.7 million for the year ended December 31, 2015, representing more than a 6x year-over-year increase.”
However, the company reported a net loss of US$372.8-million in 2015 and US$514.6-million in 2016.