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February 3, 2017 12:00 am

Snapchat Files For a $3 Billion IPO

Snapchat has filed for an initial public offering on the New York Stock Exchange today, picking the ticker symbol "SNAP." The company hopes to raise $3 billion and says it has 158 million daily active users. The IPO would reportedly value the company above $20 billion. The Verge reports: The filing comes at an exciting but challenging time for Snap. The company -- originally named Snapchat -- has declared its intentions to become -- a camera company -- rather than just an app developer. And it's already found some success with Spectacles, its fun pair of video-recording sunglasses. The company says its advertising business is growing quickly. It reported $58.7 million in revenue for 2015, and grew that to $404.5 million in 2016. Along with that strong revenue growth, however, its losses also swelled. Snapchat lost $372.9 million in 2015 and $514.6 million this past year, more than its total revenue. Twitter was also struggling to generate a profit when it went public, while Facebook was not. Here's a gem from the S-1 filing. "We have incurred operating losses in the past, expect to incur operating losses in the future, and may never achieve or maintain profitability." Sounds like a great investment!

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