Snap stock plunges as Apple privacy changes impact revenue
Snapchat parent company Snap saw its stock price fall precipitously on Thursday after reporting less than stellar earnings, results blamed in part on Apple's new privacy policies.
At its nadir, Snap's stock was down more than 25% in after-hours trading after the company reported third quarter revenue of $1.07 billion, a 57% year-over-year increase that missed Wall Street forecasts by about $40 million, reports CNBC. The social media firm also whiffed on average revenue per user, generating $3.49 per person compared to expectations of $3.67.Snap CEO Evan Spiegel laid blame on new privacy measures rolled out by Apple with iOS 14.5 earlier this year. Called App Tracking Transparency, the set of iOS system features restricts availability of ad targeting and metrics tools, important data for companies like Snap that are heavily reliant on ad sales.
Read more...