Snapchat has worked to attract and retain users by building new features like the ability to discover restaurants and stores through a map feature, or play virtual games with friends. 30 was $1.07 billion, missing consensus estimates of $1.1 billion, according to IBES data from Refinitiv.ĭaily active users, a metric watched closely by advertisers and investors, rose 23% year-over-year to 306 million, beating analyst estimates of 301.9 million. Revenue for the third quarter ended Sept. Snap said the supply chain disruptions affected a wide variety of advertisers across industries and regions. Many of the advertisers who place ads on Snapchat are in the beauty, fashion and consumer goods industries. Snap added it expects the Apple privacy changes and global supply chain disruptions to linger through the fourth quarter, which is typically the highest-earning period for social media companies when brands ramp up marketing for the holiday season. "This has definitely been a frustrating setback for us," he said. The Apple privacy updates were rolled out broadly in June and prevent digital advertisers from tracking iPhone users without their consent.Ī new ad measurement tool provided by Apple hampered the ability for companies to measure the performance of their ads, upending many of the ways advertisers have been accustomed to doing business for decades, said Snap Chief Executive Evan Spiegel during a conference call with analysts. Snap's results also knocked Facebook shares down 6%, Twitter down 7% and Alphabet (GOOGL.O) fell 3% on Thursday. The results for Snap, which is the first of the major social media companies to report earnings, cast a shadow over Facebook Inc (FB.O) and Twitter Inc (TWTR.N), which release third quarter results next week. The Santa Monica, California-based company, which earns the vast majority of its revenue from selling digital advertising on the app, said the issue was compounded by global supply chain disruptions and labor shortages and caused brands to pull back on their advertising spending. 7, 2021.Oct 21 (Reuters) - Shares of Snap Inc (SNAP.N)plummeted 25% on Thursday after the owner of photo messaging app Snapchat said privacy changes implemented by Apple Inc (AAPL.O) on iOS devices hurt the company's ability to target and measure its digital advertising. " Tim Cook: Chief Executive Officer." Accessed Oct. " The WIRED Guide to the iPhone." Accessed Oct. " Ownership and Insiders AAPL." Accessed April 21, 2021.Īpple Inc. " Form 10-Q for the quarterly period ended June 26, 2021,". " Form 10-Q for the quarterly period ended June 26, 2021," (PDF). " Brussels charges Apple with antitrust abuse." Accessed Oct. " EU says Apple’s App Store breaks competition rules after Spotify complaint." Accessed Oct. " EXCLUSIVE Apple to face EU antitrust charge over NFC chip - sources." Accessed Oct. " 'Fortnite' creator Epic Games to appeal ruling in Apple case." Accessed Oct. " Judge Orders Apple to Loosen App Store Restrictions in Mixed Verdict." Accessed Oct. " Irish High Court challenge filed over Apple Galway data center planning extension." Accessed Oct. " Legal challenge brought against planning extension for Apple data centre." Accessed Oct. " Judge Orders Apple to Loosen App Store Restrictions in Mixed Verdict." Accepted Sept. " Apple, Google Could Still Win From App Store Loss." Accessed Oct. " S&P 500 Information Technology." Accessed Oct. " Form 10-K for the fiscal year ended September 26, 2020,". " Form 10-K for the fiscal year ended Sept. The examination of the case is expected to take place in October 2021.Īpple Inc. Galway County granted the five-year planning permission extension for the facility in August 2021. Apple won permission from local authorities to build the data center in 2016, then shelved the project in 2018, citing lengthy delays. 9, 2021, the Irish High Court challenged a decision to extend the life of a planning permission that would allow Apple to build a data center in Galway County. Apple won an important partial victory, however, because the judge did not find that Apple had a monopoly on the mobile game market. district judge ordered Apple within 90 days to begin letting developers send customers outside Apple's App Store for payments. A federal judge ruled in September 2021 that Apple must loosen its App Store restrictions to allow developers to provide links to alternative payment systems.Apple earned net income of $57.4 billion on $274.5 billion of net sales in FY 2020.Apple's rivals include Samsung Electronics Co.Apple manufactures smartphones, personal computers, tablets, wearables, and accessories, and offers digital streaming-content services.