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FILE - In this Thursday, Oct. 24, 2013, file photo, Snapchat CEO Evan Spiegel poses for a photo in Los Angeles. Tax-filing season is turning into a nightmare for thousands of employees working at companies tricked into relinquishing tax documents exposing people?s incomes, addresses and Social Security numbers to scam artists. In fact, in a Feb. 28, 2016, post on its corporate blog, Snapchat revealed that its payroll department had been duped by an email impersonating Spiegel. (AP Photo/Jae C. Hong, File)

Snap filed a $3 billion initial public offering showing its growing like crazy


Snap Inc, the parent company of social media darling Snapchat, has officially filed for a $3 billion initial public offering (IPO), which revealed the company is growing like crazy.

In their SEC filing, the tech company disclosed that its user numbers have grown to 158 million daily active users that take 2.5 billion snap each day.

The self-described camera company will be listed on the New York Stock Exchange under the ticker symbol SNAP.

User growth aside, Snap recognizes it has to innovate to keep users interested. Case in point, Spectacles may have been a solid marketing tool, but the nifty camera hasn't been super lucrative for them so far.

"If we do not develop successful new products or improve existing ones, our business will suffer," the company's filing said.

What's more, though revenue for Snap skyrocketed in 2016 up to $404 million, the company still incurred a pretty hefty net loss, meaning, they're not yet profitable.

Still, Snap is poised to become the biggest U.S. tech IPO since Twitter.

Snap is not without its rivals. As BuzzFeed notes, Instagram is stealing some spotlight.

Separately, it might also be the first time that "sexting" has appeared in an SEC filing.

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And if you're curious, here's how Snap Inc. introduced itself in the S-1 filing.

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