With elevated inflation and rising interest rates hurting consumer spending, those businesses have cut their ad budgets for fear of a lower return on their investment. Snapchat's daily active user base continued to grow consistently throughout this turbulent period, reaching an all-time high of 406 million in the recent third quarter of 2023 (ended Sept. 30). But it's also helping advertisers use AR ads; a business can now take a photo of a product and Snap's technology will render an AR-based version users can try on virtually with their smartphone camera.