Snapchat earned just $3.1 million in revenue in 2014. Gawker’s Sam Biddle got his hands on the company’s snapshot and it’s pretty much what everyone expected.
The company, valued at $20 billion, lost $128 million last year and generated only $3 million. Keep in mind the company earned $0 in 2013. The largest expenses, excluding payroll, were $47 million spent on product and $13 million for a line item titled “outside services.”
The company has managed to expand while spending under $1 million on marketing. Snapchat has relied on word-of-mouth advertising, viral marketing campaigns, and news reports to generate much of its interest.
The company didn’t attempt to generate revenue until October 2014, which means the company was earning around $1 million per month during early efforts.
Snapchat didn’t launch its profit center known as Discover until January 2015.
When Facebook first went public it was generating $0 in mobile revenue and Foursquare managed just $2 million in its first revenue-generating year.
Snapchat has had struggles of its own, the company lost COO Emily White and numerous other sales-side executives in its early march towards profitability.
According to Snapchat’s 2014 balance sheet. the company has more than $320 million in cash-on-hand.