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Snapchat Tops 300 Million Daily Users in Q3, Snap Stock Crashes on Revenue Miss and Impact of iPhone Privacy Change
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variety.comTodd Spangler NY Digital EditorSnapchat packed on more daily users than expected in the third quarter of 2021 — adding 13 million in the period — to reach an average of 306 million.But Snap’s stock plunged 25% in after-hours trading, after the company missed revenue expectations and CEO Evan Spiegel called out “significant headwinds” including Apple’s privacy changes to iOS that have put a damper on ad revenue.Click here to sign up for Variety’s free Media Earnings newsletter.Snap reported revenue of $1.07 billion and adjusted earnings per share of 17 cents.
That narrowly missed analysts average expectations of $1.1 billion in revenue, while the company topped Wall Street’s forecast of adjusted EPS of 8 cents.
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