How much the company lost before it had profit

While that leak produced a healthy dose of schadenfreude, the numbers were hardly shocking. Snapchat didn’t air its first ad until mid-October 2014. Plus media startups usually invest in growth at the expense of revenue at the outset. Snapchat declined to comment on Gawker’s post, but one investor tells me, “Go back and look at how much money Facebook lost before they turned on advertising. Then do the same for Twitter.” (When Facebook was three years old, as Snapchat was last year, it lost $138 million, though it booked $153 million in revenue. Twitter was four the first year that it sold advertising, and it lost $67 million, on $28 million in revenue.)