Snap, the company that owns Snapchat, went public on the New York Stock Exchange today with the ticker “SNAP.” The IPO (Initial Public Offering) is $17 per share, which will result in $3.4 billion raised in capital stock for the social media company. 

The company reports that 2.5 billion snaps are sent daily on Snapchat by its 158 million users.

Despite the widespread use and an increase in revenues, the company has struggled to make profits, an issue typical with young tech firms. 

“Snap recorded a loss from operations of $520.4 million in 2016 and a loss of $381.7 million in 2015,” according to MarketWatch. 

The company relies on advertising for revenue, with 98 percent coming of total revenue being generated by ads.

MarketWatch also notes that while revenue and losses are growing, the growth in new users has been slowing as a result of increased competition from new entrants into Snapchat’s market.