yatha -- just as; urna-nabhih -- the spider; hridayat -- from within himself; urnam -- thread; santatya -- expanding; vaktratah -- from his mouth; taya -- with that thread; vihritya -- enjoying; bhuyah -- again; tam -- that thread; grasati -- he swallows; evam -- in the same way; maha-isvarah -- the Supreme Lord.

Just as from within himself the spider expands thread through his mouth, plays with it for some time and eventually swallows it, similarly, the Supreme Personality of Godhead expands His personal potency from within Himself. Thus, the Lord displays the network of cosmic manifestation, utilizes it according to His purpose and eventually withdraws it completely within Himself.