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Snapchat voices Brexit fears in $3bn IPO

Snapchat voiced Brexit fears in $3bn IPO

Snapchat parent Snap cited a potential Brexit downturn as a negative event for its business when filing for its $3bn IPO after basing a ‘significant portion’ of its business in the UK.

In its filing, Snap wrote: “Exposure to United Kingdom political developments, including the outcome of the referendum on membership in the European Union, could be costly and difficult to comply with and could seriously harm our business.”

Just last month Snap announced that it was alighting on London for its main overseas base through which it will route all sales made in countries in which the firm does not operate a local office or salesforce.

Other potential pitfalls outlined by Snap which could affect it in the years ahead include hackers, ‘unfavourable media coverage’ and increased competition – not to mention the fact that the company has never turned a profit.

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