Snapchat parent company files for $3 billion IPO

Snap Inc., the maker of visual messaging app Snapchat, has released its initial public offering (IPO) filing through the Securities and Exchange Commission.

Last year, Snap posted revenues of $404.5 million but also a hefty net loss of $514.6 million.

The company had a net loss of $515 million in 2016, according to its S-1 filing.

What might become one of the USA technology industry's largest initial public offerings in years is now formally got underway Thursday. The company's growth has been fast and steady; about 15,000 people now work for Snap in Los Angeles, New York, London, Paris, Toronto, Seattle, Ukraine and Sydney.

"For example, Instagram, a subsidiary of Facebook, recently introduced a "stories" feature that largely mimics our Stories feature and may be directly competitive", Snap said in its filing. Users can capture videos from their point-of-view with Spectacles, then upload these as Snaps to Snapchat.

The company, of course, could also pull the plug and choose to remain private if investors seem skittish or the stock market takes a turn for the worse. The Times will create a daily Edition for Snapchatters in the USA and Canada based on its popular Morning Briefing, which is designed to help readers prepare for their day, and will be published Monday-Friday.

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Hours later, kid brainiac Dilton Doiley (Daniel Yang) discovers Cheryl washed ashore, in a near catatonic state. Meanwhile, the only thing holding Betty together is her Adderall and the occasional pep talk from Veronica.

Trying to whet investors' appetites, Snap said Thursday: "Our advertising business is still young, but growing rapidly", read its filing.

The public offering will officially make Snap's cofounder and CEO Evan Spiegel, 26, one of the world's youngest billionaires. Urs Hölzle, Google's vice president of technical infrastructure, said last year that the company plans to launch new cloud data centers at the rate of roughly one each month this year. Those aren't the most heartening of phrases to hear from a company seeking billions of dollars. The share sale could take place as early as the first week of March, the Wall Street Journal reported.

But the company faces some hurdles, namely increased competition from Facebook-owned Instagram, which in August launched Snapchat competitor Stories.

In the past five years Snap has become a social mainstay for its users, the majority of whom are between 18 and 34 years old. It's made ugly selfies cool and is a popular medium for people to share with friends whatever it is they're doing, right now.

Much like other social media companies, Snap openly explain the dangers that come with the industry they serve.

Like Twitter, Snap is facing the same problem of losing out on users and failing to tap new users.

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