This week Snapchat owner Snap Inc announced its initial public offering (IPO) in what was one of the most hotly anticipated flotations in the tech world this year.

The filing shows the sheer scale, growth and popularity of an app that – despite numbers most can only dream of – still remains unprofitable. Yet reports suggest Snap’s valuation could hit $25bn.

So what’s going on? I delved into the figures to try and answer that question and see where the company is headed…

Snap IPO

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