(Snap Inc) Snap shares fell up to 25% on Friday after the company said it sees more headwinds ahead amid changes to advertising metrics on iPhones.
Snap’s revenue hit a record $1.067 million in the third quarter of 2021, up 57% year over year, which was worse than expected.
The stock was weighed down after the company said it was grappling with industrial changes in advertising targeting, optimization, and measurement on Apple’s smartphone operating system.
Snap was affected after Apple launched the new privacy features earlier this year as part of its iOS 14.5 system update, allowing users to opt out of apps tracking their behavior for targeted advertising.
SNAP: NYSE is down -22.98%.
