It is early days, and as yet only a trickle of revenue is coming in. This makes Snapchat’s valuation all the more eye-popping: Twitter, which is stockmarket-listed and had $1.4 billion in revenue last year, is supposedly worth only about $1 billion more. When Snapchat goes public, as is expected in the next couple of years, it will face an audience far more critical than its rapt users currently are, and judgments that will not conveniently disappear at the end of each day.
source: The Economist