Snapchat is doing great and making money. They're still worth over 33 Billion.
https://www.statista.com/statistics/545967/snapchat-app-dau/
Besides that, they've built out their first-party content platform pretty well, which I assume is what's driving their advertising growth, and (anecdotally) is shared in-app relatively frequently, although I've recognized some reposting/reformatting of said video content from Youtube or other sources, e.g. WatchMojo.
Snap is losing a lot of money.
Their operating loss was an astounding $596 million for the first two quarters of 2020. Barely an improvement over last year's $620m operating loss for the same period.
Somehow they managed to generate a $596m operating loss on $916m in sales. Truly remarkable performance. It's not easy to so poorly run a business that should be printing profits. Facebook generated nearly a billion dollars in operating profit at that sales scale. The least Snap could do is break even.