Snap Inc. filed publicly for its massive IPO
Snap, the parent company of Snapchat, will be listed on the NYSE as SNAP. While this is just another small step in the process of going public, the world finally got a look at the financial inner-workings of the company that is expected to go public at a valuation of more than $25 billion in March. What we know so far is this; Snap reportedly hit 160M daily users (but slowed user growth)and $400 million in revenue in 2016. Snapchat was flying high in early 2016, but growth slowed 82% after the launch of Instagram’s Stories feature clone. Snapchat paid $114.5 million to acquire mobile search engine Vurb, acquired animated lens product Looksery for around $150 million, and shelled out $64.2 million for Bitstrips, the creators of Bitmoji. Word is that Snap will also expand distribution of its Spectacles hardware product in 2017.