Snaptchat is going public.
If parent company called snap has filed to IPO.
When a company decides to go public, they file a document called an S-1 that describes the company to potential investors.
Snap being pretty private in the past, so here what we learn now.
Snapchat has 158 million daily active users.
That's more than Twitter according to reports.
And then there's this quote, when we were just getting started, many people didn't understand what Snapchat was, and said it was just for sexting.
Round of applause for Snap for getting the word sexting in an official filing.
iOS is was more popular than android.
The majority of Snapchatters are on iPhone, so developing for Apple devices has come first Spectacles have not generated significant revenue.
They are $130 sunglasses with a camera that take ten second videos for Snapchat.
The marketing strategy was to make it hard to buy a pair, with special vending machines topping up at random locations across the US.
A physical pop-up store in New York had people camping out for hours just to get a pair Snap might be working on future products that are regulated as medical devices by the FDA.
Snap contact lenses, anyone?
And the big one.
The company hasn't turned a profit.
It's not unusual for tech companies to file for IPO while in the red, and that definitely hasn't stopped success stories before.
Make sure to snap up all the latest tech news at cnet.com.