Snap Inc. set for $3 billion IPOBy Robin-Leigh Chetty 3 February 2017 | Categories: news
The past six months have proved significant for Snapchat. In this time, the company has seen use of its service increase substantially, changed their name to Snap Inc. and launched a pair of wearable sunglasses. Now, the company is set to go public, filing to an initial public offering (IPO) with the New York Stock Exchange yesterday.
With an estimated 189 million daily active users, Snap Inc. is currently valued at $20 billion. Based on those numbers, the company is aiming to raise roughly $3 billion from its IPO. As The Verge highlights, it will prove a pivotal move for Snap Inc., with the company detailing its desire to move into the camera making business.
Snap Inc. also proves a bit of an anomaly for some in terms of its revenue over the past couple years, having suffered losses of $514.6 million and $372.9 million in 2016 and 2015 respectively. This coupled with a revenue of $404.5 million last year, all while seeing its number of users grow in that time too.
Whether investors will gamble on a company that's supremely popular, but struggling to cover its losses at the moment, remains to be seen.
Most Read Articles
Have Your Say
What new tech or developments are you most anticipating this year?