Shares of Snap crater -26% after its earnings report.
Along with missing on revenue, the social media company announces that the recent Apple privacy changes are disrupting its advertising business, and the global supply chain issues are weighing on advertising spending.
Facebook shares moved lower on Snap's results which will report its earnings tomorrow.
Snapchat monetization is hurt by privacy changes implemented by Apple and TikTok’s growing dominance among social media apps.
After Snap said it took a hit from Apple's recent privacy changes for mobile advertising, investors wondered what it all could mean for Facebook. They won't have to wait long for an answer. https://t.co/TaCspmO4eg— Barron's (@barronsonline) October 24, 2021
Year-over-year, users spend less time per day on Snapchat.
Established Social Media stocks are tumbling after Snapchat revealed its monetization is getting hurt by privacy changes implemented by Apple, and TikTok’s surging dominance and... return of TRUMP https://t.co/c4hPQONllx pic.twitter.com/lKCQ9CypTn— Russian Market (@russian_market) October 24, 2021
Snapchat was launched ten years ago.
Number of years since launch:— Jon Erlichman (@JonErlichman) October 23, 2021
Amazon: 26 years
Google: 23 years
Netflix: 23 years
Facebook: 17 years
Gmail: 17 years
Twitter: 15 years
iPhone: 14 years
Spotify: 13 years
Bitcoin: 12 years
Uber: 11 years
Instagram: 11 years
Snapchat: 10 years
Zoom: 9 years
TikTok: 4 years
This week Donald Trump announced plans for a new social media website, Truth Social, the beta version is expected this year and it could be a genuine threat to Facebook and Twitter.