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Tesla will raise $1.15B in stock offering, Musk to buy $25M
Brexit changes everything - Scotland deserves a second independence vote
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Snapchat turns to Lenses to capture advertising revenue
03 February 2017, 12:43 | Felicia Christensen
Facebook has been promoting a flashy ad campaign for live video around the
Snap Inc., the Venice, California-based maker of the popular Snapchat messaging program, this evening filed an S-1 application with the Securities & Exchange Commission for an initial public offering, as widely anticipated.
"We have incurred operating losses in the past, expect to incur operating losses in the future, and may never achieve or maintain profitability", Snap said in the filing.
The highly anticipated IPO is expected to be the one of the largest since Alibaba Group raised $22 billion in going public in 2014. On the advertising side, Snap recently struck a deal with 4C Insights, a provider of multiscreen data and media tech solutions, to enable brands and agencies to manage Snapchat ad placements from an external self-serve platform.
Snap will be listing on the New York Stock Exchange under the ticker of - gasp - "SNAP".
An IPO is a bold step for a company that began while CEO Evan Spiegel was still an undergraduate at Stanford University. 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. "This means that we are willing to take risks in an attempt to create innovative and different camera products that are better able to reflect and improve our life experiences".
In terms of the two numbers everyone was looking for - revenue and daily active users - Snap said that for the year ended December 31, 2016, revenue totaled $404.5 million while daily active users averaged 158 million.
While it's the most high-profile public debut the tech industry has seen lately, the amount of money Snap wants to raise pales in comparison to tech's last big IPO, from the Chinese e-commerce giant Alibaba. Facebook comes in second, after raising $16 billion in 2012. And it especially banked off its users in North America, each of whom converted into $2.15 in revenue for the company, up 231 percent year-over-year from $0.65.
What is the Mexico City abortion rule?
But there are some unintended consequences to not funding organizations that offer abortion services: more abortions . It has been illegal for US foreign aid to be used to fund abortion since the passage of the Helms Amendment in 1973.
Trump To Start Negotiations on NAFTA With Canada, Mexico
Trump told reporters that the pair did not discuss who would pay for the contested border wall he has promised to build. Trump has vowed to build a wall along the U.S. border with Mexico to keep out migrants and make Mexico pay for it.
Indian American Ajit Pai tipped for FCC Chair?
One of the FCC's mandates is to promote broadband deployment, and Pai has emphasized his dissatisfaction with current policies. There's been no official confirmation of the decision yet, but we'll provide an update as soon as there is an announcement.
Etihad CEO Hogan To Leave This Year
In December a year ago , Etihad Airways said it was cutting jobs in some parts of its business as a part of its restructuring. The Etihad Airways statement did not say where Hogan was moving to, only stating that he was joining an investment company.
Man United cruise into FA Cup fifth round
They played today in the FA Cup and they have to play on Tuesday in the Premier League. Jose Mourinho has joined the ranks of discontented Premier League managers.
Nintendo Switch: Soon more popular than the Xbox One?
According to a recently released image from a Zelda fan site, Breath Of The Wild's map is about to take Skyrim's lunch money. Söderlund then adds that if the Nintendo console sells well, EA would be prepared to release more games on the platform.
British economy grows 0.6% in final quarter of 2016
GDP was estimated to have "increased by 2.0 percent during 2016, slowing slightly from 2.2% in 2015 and from 3.1% in 2014". The Commerce Department issues its first look at economic growth in the October-December quarter at 8:30 a.m.