Snap has officially filed for an IPO

In 2015, Mr Khan also received US$145.3 million worth of Snap shares as a sign-up bonus.

“Additionally, this shift of attention to mobile is particularly prevalent among younger audiences, with people aged 18 to 24 – our largest age group among our U.S. daily active users – having spent 35% less time watching traditional (live and time-shifted) television in an average month during the second quarter of 2016 compared to the second quarter of 2010, according to Nielsen”.

Facebook, on the other hand, was profitable in 2011, the year before its IPO, with net income of $1. -South Korea alliance, saying his country will remain “should-to-shoulder” with the South in the face of threats, including North Korea. Europe is Snapchat’s second biggest region with 52 million users, and in the rest of the world the app has amassed 39 million users – although that figure was stagnant in its most recent quarter.

In the last few months, Spiegel and co. have also broadened their vision beyond the flagship social network.

Snap’s Thursday filing with the Securities and Exchange Commission gave potential investors their first detailed glimpse into the company’s finances.

Snap’s main product Snapchat is a social media app through which users send and view “snaps” that last only for a while.

Snapchat, known for its disappearing messages, has become hugely popular with young smartphone users. “For example, Instagram, a subsidiary of Facebook, recently introduced a “stories” feature that mostly mimics our Stories feature and may be directly competitive”.

Snap plans to use proceeds from the offering for general corporate purposes, which may include acquisitions, the filing shows.

For one thing, Snap is losing an absolute shitton of money. Snap later got rid of the offending filters. “Many of these companies, such as Apple, Facebook (including Instagram and WhatsApp), Google (including YouTube), and Twitter, have significantly greater financial and human resources and, in some cases, larger user bases”, according to the IPO.

Snapchat is likely to go public in the coming weeks at a valuation in excess of $20 billion.

Snap could be valued at between $20 billion to $25 billion, sources familiar with the situation who asked not to be named because the matter is confidential have said. Snap also revealed that it will spend $2 billion with Google Cloud over the next five years, and that boss Evan Spiegel got almost $900,000 of security services in 2016. It brought in $404 million in 2016, up from $58.7 million in 2015.

At a mere five years old, the growth of Snapchat has been stellar, with Snap Inc claiming the app has 158 million daily active users, and noted that its advertising revenue from such a user base is growing rapidly, despite it making a net loss. Twitter has never turned a profit.