[jimmywanger]

Snapchat is currently losing 3 dollars a share per year.

That's about 1/7th of its value (value, not revenue) every year.

Their story is that they'll have such a huge amount of user growth and that they'll figure out some way to monentize that huge amount of users, because that's the easy part, right?

If their growth stalls somewhere before profitability, they're toast. Imagine an auto parts manufacturer posting those sorts of numbers - sales down YoY and no profits. They'd be worth about as much as their office furniture could fetch on the open market.