While every other social media platform seeks to tie users in through content-rich profiles, the transient nature of Snaps means the company needs to find a new hook.
It hasn't been a good round of earnings for Silicon Valley's big names.
Tech firm CEOs keep control by holding investors at arm's length. It is damaging corporate governance.
Demand has surged for Snapchat's stock but the loss-making company's long-term success is far from certain.