Snap Inc has finally filed for an initial public offering and is seeking a market valuation of more than $20bn. It had increased its revenues to $404m by bringing in advertisement in 2016, but still reported $514m in losses, which includes the $400m a year it pays Google for storage and server space. Today’s chart shows that while the company’s daily active users keep growing, they took a hit in the third quarter of 2016. That is, incidentally, the period in which its main rival Instagram released a feature similar to Snapchat’s ‘Stories’. The slight slowdown in user growth adds to the impetus for that Snap Inc to diversify its product in order to maintain old users, capture new ones, and start turning a profit.