BRIEF: SnapChat might be moving towards profit

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Snap Inc., the parent company of SnapChat might be moving towards profitability has company has just released its first-quarter result showing it made deep cuts to losses.

The first quarter net loss was reduced by 80% on a year on year basis to $385 million compared to $2.2 billion net loss in the previous year.

To reach the numbers, Snap carried out major cuts to its expenses. Marketing spend was cut down to $17 million compared to $160 million spent in the year before.

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