It's no secret the global economy is in rough shape right now. Inflation remains elevated and interest rates continue to rise, which has pressured consumers' spending power. As a result, businesses have slashed their marketing budgets for fear of a lesser return on their investment.

Companies in digital industries like social media rely on advertising to generate revenue, so the last 12 months haven't been easy for them.  (NYSE: SNAP), which is the parent company of Snapchat, has struggled more than most. Investors sent its stock price plunging almost 20% the day after it released its financial results for the second quarter of 2023 (ended June 30), and it's now down 87% from its all-time high.

Snap's advertising revenue sank once again, and it issued a weak forecast for the coming third quarter. But there were bright spots, so here's why the steep decline in Snap stock might be a great buying opportunity for the long term. 

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Source Fool.com