High inflation and the weak economy are causing companies to put the brakes on costs when it comes to advertising expenditure. One of the victims is the popular photo app Snapchat.

Photo app Snapchat’s business has been hit hard by weakness in the online advertising market. The otherwise rapid sales growth fell in the past quarter to a meager plus of 13 percent. That wasn’t good enough for investors: they let the stock fall by more than a quarter in after-hours trading on Thursday.