Inflation and interest rate hikes have put pressure on consumers' spending power, in turn forcing companies to cut their marketing budgets as they prepare to earn lesser returns on their investments. Snap also refrained from offering revenue guidance for the current fourth quarter, so investors will have to make predictions with one hand tied behind their backs in what's arguably the most important period of the year. However, in this environment, investors might continue to punish Snap stock if the business doesn't begin to show consistent profitability on a generally accepted accounting principles (GAAP) basis.