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.