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SNAP Crashes After Revenue Miss, Blames Apple Privacy Changes, Labor Shortages

Courtesy of ZeroHedge View original post here.

Snap reported its Q3 earnings and it was not pretty, missing revenues:

  • *SNAP 3Q REV. $1.07B, EST. $1.10B

It also cut the outlook dramatically:

  • *SNAP SEES 4Q REV. $1.17B TO $1.21B, EST. $1.35B

  • *SNAP SEES 4Q ADJ EBITDA $135M TO $175M, EST. $299.3M

The blame for all this covered pretty much everything:

“While we anticipated some degree of business disruption, the new Apple-provided measurement solution did not scale as we had expected, making it more difficult for our advertising partners to measure and manage their ad campaigns for iOS,” Snap CEO Evan Spiegel said in his prepared remarks.

Spiegel also warned that global supply chain interruptions and labor shortages reduces the “short-term appetite to generate additional customer demand through advertising.”

SNAP shares have been destroyed after-hours, crashing a stunning 28%…

On the barely bright side, Snapchat reported 306 million daily active users in the period, beating predictions of 302 million.


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