Snap shares were last seen more than 20 percent lower, at $59.88 per share, in premarket trading.Īnd shares of other companies that rely on revenue from online advertising took a hit, too, as investors anticipated similar hits in upcoming earnings reports. Companies like Snapchat rely on tracking users’ data to improve the effectiveness and profitability of targeted ads. The company also reported earnings per share of 17 cents, topping expectations of 8 cents. That feature, called ATT, or App Tracking Transparency, threatens the viability of companies like Snapchat that rely on tracking users’ data to improve the effectiveness and profitability of targeted ads.Īt least in part due to the Apple update, Snap reported sales of $1.07 billion, falling short of the $1.10 billion expected by analysts. Spiegel was referring to an update Apple rolled out in April that presents iPhone users with a pop-up any time they open a new app that asks if they want to be tracked and give them an opportunity to opt out. “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,” Snap CEO Evan Spiegel said in prepared remarks. Shares of Snapchat’s parent company tanked as much as 27 percent after the social media firm reported lower-than-expected revenue on Thursday, blaming the miss on changes Apple made to the iPhone’s privacy settings earlier this year. Hey, social-media czars: Content control should be to help kids, not to chase fake ‘disinfo’ This state is the first to enact age limits, curfews for social media use in major crackdownĮlon Musk looks to develop AI rival to ‘woke’ ChatGPT: report I’m a Gen Z’er who’s not on social media apps: I’m happier and healthier for it
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