Snapchat parent Snap Inc.’s acknowledgement that its ad business was impacted by Apple Inc.’s iOS 14 privacy changes dragged stocks of other social media rivals such as Facebook Inc., Twitter Inc., Pinterest Inc., and Alphabet Inc.
What Happened
Snap’s shares fell more than 21 percent in Thursday’s after-hours session after the company’s third-quarter revenue missed analysts’ estimates as its ad business was disrupted by changes to iOS ad tracking that were rolled out by Apple earlier this year.Snap reported third-quarter revenues of $1.07 billion, up 57 percent year-over-year, but it missed analysts’ consensus estimate of $1.1 billion.
