According to reports, Snap announced its third-quarter financial report, but its performance did not meet expectations because Apple’s iPhone adjustments to its privacy policy hurt its advertising business. Affected by this news, Facebook, Twitter and other social media and digital advertising stocks plummeted after the market, and Snap plunged 22.5%. Snap also warned that supply chain disruptions have suppressed short-term advertising spending because some products are out of stock and companies are reluctant to promote these products.
In after-hours trading, Facebook and Twitter plunged by more than 6% and 5%, respectively, and Pinterest also fell by more than 2%. In regular transactions on Wednesday, Pinterest’s stock price has fallen 2% because of news that PayPal will acquire Pinterest. Facebook and Twitter will announce earnings next week. Digital advertising stocks have also been hit. The Trade Desk and Magnite both fell more than 5% in after-hours trading, and Liveramp fell more than 3%.
Join RealMi Central on Telegram, Facebook & Twitter
After Apple adjusts its privacy policy, it will become more difficult for advertisers to track users. Snap CEO Evan Spiegel pointed out that Apple’s new policy has made it difficult for advertising partners to evaluate and manage iOS advertising and marketing activities. Supply chain disruption and labor shortages have led to the suppression of short-term advertising demand. These reasons have led to four The quarterly forecast is lower than analyst estimates.