Snap makes its Wall Street debut — in Twitter's annual report
(A Snapchat sign hangs on the facade of the New York Stock Exchange (NYSE) in New York City, U.S., January 24, 2017REUTERS/Brendan McDermid)
Snapchat's Wall Street debut is expected later this week when the company will have its highly-anticipated IPO.
But Snapchat marked another Wall Street big premiere on Monday, with its first appearance on a competitor's annual financial report.
Snapchat parent company Snap's name appears twice in Twitter's 10K, which was filed with the SEC on Monday.
Twitter, which is struggling to revive lagging user growth and revenue, cited Snap among the many internet companies that compete fiercely for the same users.
"Competition for users of our products and services is intense," Twitter writes.
The rivals include (emphasis ours):
"Facebook (including Instagram and WhatsApp) and Google (including YouTube) and Snap, as well as largely regional social media and messaging companies that have strong positions in particular countries. Increasingly, we face competition for live premium video content rights from other digital distributors and traditional television providers, which may limit our ability to secure such content on economic and other terms that are acceptable to us in the future."
Consider it a milestone for Snap. Other public internet companies like Facebook and Google do not mention Snap in their quarterly and annual reports.
It remains to be seen how Snap's stock fares after it raises $3.2 billion in its IPO and begins trading on the NYSE under the SNAP ticker later this week. But Snap's cameo in Twitter's annual report is a sure sign that the Los Angeles startup has officially arrived.
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