![]() Snap reported 306 million daily active users, up more than 4% from the 293 million the company reported in April. That figure is up nearly 23% compared with the 249 million daily users the company reported a year prior. "While it is difficult to predict the trajectory of these challenges, the growth of our audience, the adoption of our new products and platforms by our community, and the underlying efficacy of our advertising products for performance advertisers gives us confidence in the future of our business and our ability to navigate this environment as we continue to invest in our long-term vision," Spiegel said. Snap's net loss narrowed 64% to $72 million, from a loss of $200 million a year ago. "Unfortunately, these changes are occurring during a season when our advertising partners would normally expect their supply chains to be operating at peak capacity, and at a time when we would otherwise expect peak advertising demand to drive peak contestation, and therefore peak pricing, in our auction," Andersen said in his prepared remarks. That's short of the $1.36 billion in revenue that analysts were expecting for the fourth quarter, according to Refinitiv. Snap CFO Derek Andersen warned that between Apple's privacy changes, supply chain interruptions and labor shortages, the company expects its fourth-quarter revenue to come in between $1.16 billion and $1.20 billion. Spiegel also warned that global supply chain interruptions and labor shortages reduces the "short-term appetite to generate additional customer demand through advertising." Shares of social media rivals Facebook and Twitter were each down nearly 7% in after-hours trading following the release of Snap's third quarter earnings, showing investors may fear similar impact on their financial results. ![]() ![]() "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," Spiegel said in his prepared remarks. Snap CEO Evan Spiegel praised Apple's consumer-friendly changes on CNBC in February, when he also warned they posed a risk to Q4 earnings, but said on Thursday the iPhone's privacy settings impacted Snap's advertising business more than anticipated. ![]()
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