Snapchat Expects 7X Revenue Growth This Year

Video messaging app Snapchat is expected to grow its revenue seven times this year, according to a report on Re/code.

The report said Snapchat is targeting between $300 million and $350 million in revenue in 2016, citing multiple sources familiar with the company's plans. That's six or seven times the $50 million in revenue Snapchat projected last year.

"Snapchat's business is still new and evolving, and advertiser interest is still very experimental. Essentially that means it can be tough to predict incoming revenue with much accuracy, as most advertisers don't have Snapchat as a staple of their advertising plans," the report added.

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According to Snapchat's published statistics, as of May 2015, the app's users were sending 2 billion photos and videos per day, and the number surged to 6 billion videos per day in November 2015. In 2016, Snapchat hit 7 billion daily video views.

Over 100 million people use Snapchat, which is reportedly valued at about $16 billion. The company website claims that over 60 percent of people who use Snapchat daily create content every day. Recently, Snapchat has filed a legal brief supporting Apple Inc. AAPL in its dispute with the FBI.