Can you not discount a lot of companies like this? Google makes a web page (after all, that's where most of their revenue comes from), Apple makes just a phone (that's where most of their revenue comes from), etc and they are many times bigger than any conglomerate.
Seems wildly over valued to me still. Compare to yelp even at a market cap of ~2b vs this 21b mkt cap behemoth. Yeah, time to short some Snap.