Yes my concerns are not so much with user growth/activity (though I think that will grow slower and frankly don’t trust their numbers given their unscrupulous past), but with their revenue being concentrated almost solely in advertising, which is really vulnerable in a downturn. If they managed to become part of the infratructure of the internet (for example owning SSO, hosting user content for money) or had other big sources of revenue, I’d be more optimistic. But we’ll see, it will be very interesting to see how they evolve and you may well be right - they have made very canny acquisitions to get to this point and stay relevant.
At roughly half the valuation of Apple it feels high to me in comparison though - Apple has multiple strong revenue streams, strong lock in with hardware and software, customer loyalty, an untarnished brand and growing services income. I imagine Apple will coast for some time making lots of money even if they have peaked creatively.
In other tech stock news Amazon have started to recover from a remarkable plunge of 25%, and Apple are now plunging after hours as a result of slightly soft guidance, in spite of good figures this quarter. The market is definitely very nervous.