"Photos shared/day Facebook - 350m Snapchat - 350m"

Apples and oranges there. A share on Facebook reaches all the friends (or list) the user chooses while on Snapchat it's just one person. A photo on Facebook can be reshared further with the possibility of virality, on Snapchat it lasts 10s and then it's gone. A photo on Facebook can be captioned, tagged, located, etc, while on Snapchat it's limited to a caption. And so on.

I don't doubt that Snapchat has a great deal of value because I don't see an occasional short-lived advert image/video deterring many of the core users, but to suggest that it has the same impact as Facebook's photo sharing offering is completely ludicrous. They're different beasts beyond the entirely superficial 'sending photos to other people' similarity.