Snapchat owner Snap Inc shot the opening salvo in its $3 billion initial public offering on Thursday, outlining aggressive expansion plans but offering new investors no say on how the company is run and no promise of profits. Snap's publication on Thursday of its IPO registration document sets the stage for its upcoming marketing campaign to convince investors to look past its widening losses and the firm grip of its founders, and focus on its rapid growth of active users. The number of Snap's daily active users grew to an average of 158 million at the end of December, up 48 percent year-on-year, Snap revealed. However, its net loss widened to $514.6 million in 2016 from $372.9 million the year before. While Snap will have time to polish its marketing pitch in the run-up to the IPO planned for March, some analysts were taken aback that the company was just beginning to reap cash from its product. "What surprises me the most is that it is still very early days when it c...
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