Snap Inc., the parent company behind Snapchat, just filed for an initial public offering. They're the first American social media company to file for IPO so since Twitter did more than three years ago.
The company filed with an initial size of $3 billion, a placeholder amount used to calculate fees that may change. Snap plans to raise as much as $4 billion in the IPO, people familiar with the matter have said, for a market value of as much as $25 billion.
The company posted a net loss of $515 million in 2016, on revenue of $404 million, according to the prospectus filed Thursday. That compares with a loss of $382 million in 2015, on revenue of $59 million.
Snapchat has more than 158 million daily active users, the prospectus shows. Quarterly average revenue per user on a global basis climbed to $1.05 in the fourth quarter of 2016, compared with 31 cents in the fourth quarter of 2015.
Photo: A billboard displays the logo of Snapchat above Times Square in New York March 12, 2015. REUTERS/Lucas Jackson
A new study reported in Nature (Sci-Hub mirror) tracks down the origins of the mysterious rise in CFC-11, a banned ozone-depleting greenhouse gas whose rise was first reported a year ago, and blames the increase on manufacturing in eastern China.
Mark Zuckerberg offered to let Chinese premier Xi Jinping name his firstborn (seriously), Apple purged the Chinese App Store of privacy tools at the request of the politburo; Google secretly built a censoring search-engine for use in China, but America's Big Tech companies are sounding the alarm that they will no longer be able to […]
Mountain View -- home to some of Silicon Valley's most profitable companies, including Google -- is one of the most expensive places in the world to live, thanks to the sky-high wages commanded by techies, who have gone on to bid up all the real-estate in the region.
If you can build a cloud infrastructure, you can build a business. Companies are overwhelmingly turning to cloud computing to set up or bolster their network, and it’s easy to see why. It allows on-demand access to processing power, a la carte services, and nearly unlimited storage, all without adding extra systems and the maintenance […]
Does your gaming setup need an upgrade? No need to wait for Christmas. We’ve rounded up the latest tech accessories for your favorite video game platforms. All of them are already sale priced, but you can knock an additional 15% off the final price for Memorial Day by using the online code WEEKEND15. Audeze Mobius […]
Raspberry Pi is one of the world’s most versatile open-source computers. Alexa is a home automation hub with limitless potential. Together, they’re a dream team for ambitious makers, opening the door to everything from automatic lights to voice-controlled robots. Learning Raspberry Pi is meant to be relatively easy for newbies, but its applications with Alexa […]