Snap, the parent company of messaging app Snapchat, has publicly filed plans to list on the United States stock market.
Snapchat is known for being quite a secretive company, but now, with going public, we'll be able to learn a lot more.
The developers of the popular Snapchat app are continuing their offensive of innovation ahead of an expected IPO float in March with a new update for the company's premiere app set to open up new channels of advertising using augmented or mixed reality. But we do know that Snap Inc. plans to list on the New York Stock Exchange under the ticker "SNAP". The smarter lenses are an advancement of the "world lenses" that came to Snapchat a year ago, which placed various simple animations on top of real world scenes, like clouds and snowstorms. Started by Evan Spiegel, a 26-year-old who dropped out of Stanford University, the app was once dismissed as a sexting app.
"In the way that the flashing cursor became the starting point for most products on desktop computers, we believe that the camera screen will be the starting point for most products on smartphones", the company wrote in the filing.
Los Angeles-based Snap had revenue of $404.5 million in 2016, up from $58.7 million in 2015. But Snap is better known than the e-commerce company, drawing comparisons instead to the IPOs of Facebook (FB) and Twitter (TWTR).
The company has also introduced a product called Spectacles, or sunglasses that can be used to make Snaps. Back in 2012, Facebook was seeking a valuation of $5 billion. Snapchat says on its website that it reaches 41 percent of all 18- to 34-year-olds in the United States. According to Nielsen data cited by the companies, Snapchat reaches 41% of all adults ages 18-34 in the USA on an average day, while the global audience for Snapchat Discover tops 150 million daily.
- United States defence chief to discuss North with officials in S. Korea, Japan
- Paris Jackson to make acting debut on Fox series 'Star'
- Bank of England sharply raises 2017 growth outlook
- Japan Spokesman: Trump Criticism of Currency Policy off Base
- Over 1 million sign petition to stop Donald Trump visiting Britain
- Pharrell Williams and Helen Lasichanh welcome 'happy and healthy' triplets
- Donald Trump says Mexico has taken advantage of US
- Three Shooters Attack Québec Mosque During Evening Prayers, 5 Killed
- US Senate confirms Tillerson as Secretary of State
- Trump pick for education secreatary squeaks through committee, may face Senate fight