Snapchat's US Stock Listing Is Set To Be The Biggest In Years

Snapchat's US Stock Listing Is Set To Be The Biggest In Years”

Snapchat parent Snap Inc. filed its highly anticipated public IPO filing late Thursday, reporting strong revenue gains but slowing user growth as it plans to sell only non-voting shares. In documents filed with the Securities and Exchange Commission, Snap said it took in $404 million in revenue previous year but lost $515 million.

The messaging service began in 2011 and since then has grown to 158 million users per day, though the company is yet to turn a profit.

A year ago the platform - which also allows users to overlay branded filters to their own photos and videos - attracted many big-name advertisers, including Sainsbury's, Nationwide, EE, John Lewis and Mulberry.

More news: Oclaro, Inc. (NASDAQ:OCLR), Marathon Oil Corp (NYSE:MRO)

Snap Inc has admitted it faces a challenge in convincing advertisers of the veracity of its ad business as it files for a $3bn (£2.4bn) IPO that could be one of the largest by a tech firm in years. That is a better than 43-fold increase in the valuation of the company.

Snap's main product Snapchat is a social media app through which users send and view "snaps" that last only for a while. It also reported an annual net loss of $515 million in 2016. If all goes according to plan, it will be the biggest IPO ever offered for a L.A. -based company.

"When we were just getting started, many people didn't understand what Snapchat was and said it was just for sexting, even when we knew it was being used for so much more", the company said in a prospectus. According to the S1 filing, Snap LOST $514.6 million in 2016.

More news: After Thousands Protest Immigration Ban, Federal Judge Grants Stay To Detainees

Interestingly, new shareholders will not be given any voting rights leaving control of company direction with the company's founders, chief executive, Evan Spiegel and technology chief, Bobby Murphy. Snap also warned that user growth was flat in the third quarter.

The company's filing to the New York Stock Exchange has already raised eyebrows after revealing that losses have widened each year and stating that it "may never achieve or maintain profitability" reports the Telegraph. That was up 48 percent from the prior year's fourth quarter. Last September, they introduced Spectacles, flamboyant $130 smart sunglasses equipped with a video camera that are created to make posting to Snapchat a snap (pun intended).

More news: Demonstrators at SFO loudly protest Trump's immigration ban

Like this


03 February 2017
Trump Suggests Federal Funding to UC Berkeley Could Be Cut After Riot
In fall 2014, Berkeley enrolled close to 27,000 students and about 10,500 graduate students, according to its website . UC Berkeley Police Chief Margo Bennett claimed to NBC News that officers did not deploy tear gas or make arrests.

02 February 2017
Israel to build 3000 new homes for Jewish settlers in West Bank
The Palestinians want the West Bank, along with the Gaza Strip and east Jerusalem, for their future state. The settlements are considered a major obstacle to a peace settlement with the Palestinians.

02 February 2017
Guards Taken Hostage at Delaware Prison
There was an assault at the same prison last week, on Saturday, an inmate squirted an unknown liquid at a correction officer. The Correctional Officer's Union said at least three guards, and a counselor are being held against their will by inmates.

02 February 2017
India wary of United States visa bill impact on IT industry
The bottom line is that there have been vociferous arguments both for and against the visa programs since they began. It is estimated that over 60 percent of the Infosys' American employees, for instance, are H-1B holders, says NDTV .

02 February 2017
Jeff Sessions approved as US Attorney General by Senate Judiciary committee
Jeff Sessions' (R-AL) civil rights record before he was ultimately confirmed by committee Wednesday morning in a party-line vote. Ted Cruz at a Senate Judiciary Committee meeting. "Where Trump comes down is not clear yet".

01 February 2017
Jallikattu: Supreme Court raps TN for stir, clears the new law
Attorney General Mukul Rohatgi , who appeared for the Centre brought forth a new perspective. The protests were against a Supreme Court ban on the sport in 2014.

31 January 2017
Cuomo proposes felony crime for airport worker assault
Cuomo was then asked at the conference about the protests Saturday night at the airport railing against Trump's executive order. He added that New Yorkers are particularly aware of the threat of terrorism in the aftermath of the 9/11 attacks.

31 January 2017
Israel to vote on legalizing wildcat West Bank settlements
Palestinian officials say relocating the embassy would kill off any prospects for peace. "The capital of Israel is Jerusalem ". Netanyahu sent a tweet in support of President Donald Trump's plan to build a wall along the USA border with Mexico.

31 January 2017
Tourist mauled to death by three tigers at Chinese zoo
Describing the horrific scene, an eye-witness said, "I saw the tiger mauling the person, whose face was covered with blood". One of the tigers attacked Zhang before gripping him by his neck as he desperately kicks out when the others approach him.

30 January 2017
Cuomo offers legal aid to airport detainees, protection for transit workers
The governor repeated implied that Trump's executive order flies in the face of a nation built by immigrants. The ban involves the countries of Libya, Syria, Somalia, Sudan, Iran, Iraq and Yemen.