, Columnist
Wall Street Doesn't Know What to Make of Oddball Snapchat
Analysts struggle to evaluate an iconoclast that seems unwilling to help.
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Investors know what an internet company is supposed to be. It throws open its doors to the world. More people spending time on Google and Facebook translates into more opportunities to show advertisements and generate revenue. Investors understand and like this internet species.
But Snapchat is an oddball. It's like one of those blind salamanders that has evolved to thrive in dark caves. By conventional internet salamander standards, Snapchat just seems weird. Maybe even ugly. It doesn't necessarily want the masses. It's focused on addicted fans in affluent countries. And outsiders don't know what to make of Snapchat -- even the people who should know the company the best.