Leaked financial statements are fun.
This morning Sam Biddle at Gawker published Snapchat's internal balance sheet and 11-month income statement from last year. It's nothing to get too worked up about; the company lost a lot of money last year, which is to be expected, and they have a lot of cash on hand. Again, to be expected.
What immediately caught my eye, though, wasn't the $48 million extraordinary loss (although that is curious), but the fact that Snapchat, a company rumored to be worth $16 billion is still running QuickBooks. QuickBooks!
Here's a screengrab of the income statement:
We all recognize it — the precise indentions, the bold lines, THE ARIAL FONT.
The company has over $320 million in cash on hand (as of 11/30/14), turned down a $3 billion offer from Facebook and is still using accounting software that is better suited for a Mom 'n' Pop ice cream shoppe.
Yes, I'm being super accountant-y about something pretty insignificant and, yes, I'm sure Snapchat is doing great things behind the scenes that will change all of our lives for the better and, yes, I'm even more sure that Evan Spiegel picks up dog poo with bags sewn in hundos but, COME ON GUYS, this is embarrassing.
[Gawker]
