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Snap's Pain Might Not Be Over Yet

Five months after Snap Inc. (SNAP) surged on its first day of trading amid a flurry of buying investors betting that they were buying stakes in the next Facebook Inc. (FB) or at least Facebook Jr., markets finally have something close to a realistic view of the challenges Snap faces. Namely, dealing with Facebook's no-holds-barred attack on its business, and fundamental questions about the appeal of its services to older and international consumers.

It only took a bad earnings report, a string of downgrades, a lot of negative press and a slew of announcements and disclosures from Facebook, but better late than never.

In spite of it all, though, Evan Spiegel's company still has a legitimate business that it can monetize better, including certain services that...