They released a horrendous UI redesign and user count has been dropping for two quarters in a row now. IG's Stories feature (basically a snapchat clone) has 2x the active users of Snap and IG as a whole has over 5x the active users, and they are still growing while Snap is shrinking.

They've been operating for over 7 years and have yet to turn a single quarterly profit. With negative growth the past two quarters it's looking increasingly unlikely they'll ever be profitable.