Over the weekend, we read SNAP's S-1 and were struck by its contrasts to FB. In this note, we include some high-level distinctions. A key distinction between FB and SNAP at IPO date is that FB reported positive27% net income margins in the year before going public while SNAP lost $520mm (up 36% y/y). However, SNAP is growing revenue much faster at 589% y/y vs FB's 88% y/y revenue growth the year before its IPO.
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