They do AR & Marketing amazingly and hardware quite well. I am not sure a social network is their best business model though. Hopefully they can pivot to something else using what they are great at.
Does "doing AR amazingly" go beyond overlaying bunny ears and whiskers on a person's face? I'm not sure how much longer they can ride that out, and besides, Instagram showed they can do that well too. Actually, anybody who can follow a basic OpenCV tutorial can do it.
Another story on HN shows what developers are doing with Apple's ARkit, and it's more impressive than anything I've seen from Snapchat.
I like to think I'm not totally underneath a rock, but I don't think I've ever seen their hardware in person. And if I have, I didn't know that it was their hardware. So they either don't do hardware well, or they don't market well.
And even if they did all of that well, is that worth $25-30 per share?
Another story on HN shows what developers are doing with Apple's ARkit, and it's more impressive than anything I've seen from Snapchat.