Facebook's advertising dominance masks a growing threat from Snapchat. The $350 billion social network's meteoric revenue growth made quick work of replacing Yahoo and other internet darlings of the late 1990s. But its 1.5 billion-plus audience is skewing older. Meanwhile, Evan Spiegel's disappearing-messaging service is a hit with the kids. Disruptors are always in danger of being disrupted.
Mark Zuckerberg's firm turned in another quarter of sterling results on Wednesday. Revenue for the three months to June increased nearly 60 percent to $6.4 billion, with most of it coming from mobile-advertising sales. Profit nearly trebled to $2.1 billion. On Wednesday Facebook stock closed at more than three times its 2012 IPO price and an all-time high.