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The challenges at Snap seem to have nothing to do with interest rates and more to do with a challenging ad market, which has affected pretty much all the major players, including Meta & Google.

I don't think it's so much that Snap hasn't figured out a business model - they make a billion dollars in revenue per quarter, how many companies can claim that? - it's that Snap hasn't developed a rational balance sheet due to excessive SBC. If it wasn't for SBC, they would be making money hand over fist.

Snap & PINS are two interesting case studies in how companies in a similarly challenging ad market can have potentially different strategies and outcomes. Both have very depressed stock prices, but both have a clear path to having a sustainable and highly profitable business.

Again, interest rates seem pretty irrelevant to the fate of both companies, only as much as low interest rates encourage economic investment and can fuel the digital ad market.