Don't be fooled, Snap isn't a 'camera company'

Kudos to Snapchat AKA Snap — it looks like the company has pulled off a successful IPO without a massive technical glitch or the bottom falling out from under it. It's even managed to penetrate the world of "the olds," at least for a day, dominating the conversation on septuagenarian-favored networks like CNBC and Bloomberg.

Just don't call it a camera company.

But that's exactly what Snap called itself when it filed for its IPO last month, doubling down on the description co-founder Evan Spiegel began evangelizing about a year ago. On the surface, it kind of makes sense. Even though Snapchat doesn't really make cameras per se, it specializes in consumer camera technology. It's in the business of offering users innovative ways to create custom images they can share with friends. Read more...