A look inside the secretive company's financials.
This article originally appeared on Recode.net.
Welcome to the public markets, Snapchat.
Here’s a note from CEO Steve Burke.
I’m just kidding, please also read ours.
Founders Evan Spiegel and Bobby Murphy are getting $272 million apiece.
What could possibly go wrong as Snap goes public?
Some shareholders are cashing in early.
Maybe it will help you, too.
The soon-to-IPO company is on the hook for $400 million a year with Google — equal to the search giant’s estimated 2015 cloud revenue.
User growth has been rapidly decelerating.
Probably not the comparison investors are looking for.
That’s up from about $10 million in 2015.
The company is on the hook for $400 million a year.
Snap added 50 million new users last year, but just five million in Q4.
That’s on top of the $5.5 billion he’ll already have.
Here’s our first public look at Snap’s private business.