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Snap Asks Non-Voting Investors to Focus on Vision, Not Losses

  • Loss widened to $515 million in 2016 from $382 million in 2015
  • IPO investors only offered non-voting shares in company
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Snapchat Maker Snap Files for $3 Billion IPO

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The veil has been lifted on how much money Snap Inc. is losing as it pushes ahead with plans to make money from capturing the attention of millennials.

Snap posted a net loss of $515 million last year, according to the company’s initial public offering prospectus, shelling out cash to infrastructure providers including Alphabet Inc.’s Google and for research and development. That compares with a loss of $382 million the previous year. Revenue for 2016 was $404 million.