A couple comments from the IPO that should scare the shit out of you:
"In the way that the flashing cursor became the starting point for most products on desktop computers, we believe that the camera screen will be the starting point for most products on smartphones." - What? Is Snapchat unaware of Google Glass, the new iPhone camera, the SONY cellphone camera, GoPro's cameras, the Canon DHR cameras? WTF kind of comment is this? Oh right, one predicated on bullshit and designed to get the media to hype this dog shit company.
"Substantially all of our revenue comes from advertising, so our ability to generate revenue in a particular country depends on the size of its advertising market." - Wonderful, another advertising based social platform because it went so well for MySpace, Facebook and Twitter right? GTFO.
"Our community spends an average of 25 to 30 minutes on Snapchat every day." - So basically the sum total of taking two shits per day. That should make for a wonderful
"We benefit greatly from the fact that many of our users are in markets where we have the highest capital efficiency and monetization potential, allowing us to generate revenue and cash flow that we can then invest into future product innovation." - Who gives a flying shit? You're burning money, your user-base is dying, and shareholders will have no voting rights. This sentence is useless except as contrast we get to the next one.
"We have incurred operating losses in the past, expect to incur operating losses in the future, and may never achieve or maintain profitability" - All you've done is lose money and pay yourselves through VC funds. Now you think this is a economic viable business that should be a part of the US economy? GTFO.