(Feb 9): Snap Inc, owner of the popular Snapchat app, said it expected to spend US$1 billion over the next five years to use Amazon.com Inc's cloud services, in addition to the US$2 billion cloud contract it already has with Google. Snap may eventually invest in building its own infrastructure, it said on Thursday, in an amendment to a filing related to its planned stock market debut in March. The company, which filed its IPO registration statement a week earlier, is looking to raise US$3 billion. Snap also added details in the filing about user habits outside North America and Europe. This means users from these countries tend to be more interested in consuming content than creating it, making them easier targets for Snap's competitors, the company said.

Source: The Edge Markets February 09, 2017 14:37 UTC