The above graph represents the Snap net income by quarter, starting from fiscal Q1 2015 to the recently completed quarter. As the graph shows, the company could never become profitable ever since its inception. The global net loss of Snap Inc increased to $325.95 million in Q2 20202, from $255.174 million a year ago period.
|Source||Snap Inc. Financial Reports, SEC Filings|
|Note||Snap Inc. fiscal year starts from January 1st|
Surprisingly, in Q1 2017, ended March 31st, the quarterly net loss of Snap Inc. skyrocketed to $2,208.8 million ($2.2 billion), from just $104.6 million in net loss the company reported in Q1 2016. The sudden increase in Q1 2017 net loss was primarily due to the 35871.8% YoY increase in Stock-based compensation expense.
The fiscal Q1 2016 was the first time when the social media company’s net loss crossed $100 million mark, globally.
About Snap Inc.
In the Spring of 2011, Reggie Brown came up with the idea of a disappearing-image messaging app called Picaboo (now known as Snapchat). However, due to the equity distribution issue, Brown later left the company.
In September 2011, the Snapchat app finally went live on the iOS App Store. On October 28, 2012, the company reported over 1 billion snaps being shared on Snapchat app – with over 20 million unique moments shared every day. While on October 29, 2012, the app was made available in the Google Play store for all Android devices.
On September 26, 2016, the name of the company changed from Snapchat Inc. to Snap Inc.
In March 2017, Snap Inc. completed its initial public offerings (IPO), at a price of $17 per share.
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