![]() ![]() Snap cut down its net losses to $72 million, compared to roughly $200 million this time last year.Īs of this quarter, Snapchat is 10 years old, aging out of startup status. Still, revenue this quarter was up 57% annually to roughly $1.1 billion. This continues Snap's trend of growing its user base each quarter the company reported it has recorded at least 20% growth in its user base in each of its last four consecutive quarterly reports. Snap reported daily active users of its Snapchat app totaled 306 million in Q3, up 23% from this time last year. "The ongoing magnitude and duration of these global supply and labor disruptions are inherently unpredictable, and in the meantime we are focused on supporting our partners in this uncertain environment."įollowing its earnings report Snap Inc. "This (disruption) in turn reduces their short-term appetite to generate additional customer demand through advertising at a time when their businesses are already supply-constrained," Spiegel said. This in turn meant less ad dollars for Snapchat to stack. As advertisers across industries faced labor shortages and grappled with a weakened supply chain, they cut back on advertising costs. ![]() The ongoing global pandemic also threw a curveball to Snap's ad business. Spiegel also said Snap is working to build its own "flexible first-party tooling" to measure its customers' ad campaigns.Įarlier this year though, Spiegel told CNBC he felt the company was "well prepared" for upcoming changes to Apple's privacy policies and said he thought it could be "a good thing overall for consumers." Spiegel said Apple's iOS new ad tracking feature made it difficult for Snap advertisers to measure and manage ad campaigns. Snap recorded $1.07 billion in sales, missing analyst expectations of $1.2 billion. CEO Evan Spiegel blamed the miss on Apple's new privacy policies that disrupted the company's targeted digital advertising. shares plunged in after hours trading as much as 27% on Thursday after missing Wall Street revenue expectations. ![]()
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