By Jillian Stampher
Snapchat parent Snap Inc. officially filed its initial public offering on Thursday, planning to raise up to $3 billion, ahead of what is widely expected to be one of the biggest U.S. tech IPOs since Facebook.
The filing provides the first official glimpse of the popular social app’s financial results. Last year, Snap generated more than $404 million in revenue, compared to $58 million in 2015. Snap more than doubled the amount it was investing in research and development along with sales and marketing last year, with those numbers alone topping $300 million. It lost around $515 million in 2016, compared with a loss of $373 million the year before.
Read the full article on Geekwire.
