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Photo illustration by STR/NurPhoto via Getty Images

Snapchat's stock was down in after-hours trading Thursday, despite beating Wall Street expectations on user growth, as well as top and bottom lines.

Why it matters: The camera company warned investors that its forecast for this quarter would be lower than expected, in part due to a drop in advertiser demand in the two weeks following the Capitol siege, as well as upcoming Apple privacy changes.

Details: Like rival Facebook, Snapchat warned investors that Apple's upcoming iOS privacy changes "will present another risk of interruption to (advertiser) demand."

  • Snapchat, like Facebook, does have a number of app install advertisers.
  • Those two factors likely impacted the company's stock drop.

By the numbers, per CNBC:

  • Adjusted earnings per share: 9 cents vs. 7 cents per share forecast by Refinitiv
  • Revenue: $911 million vs. $857.4 million forecast by Refinitiv
  • Global daily active users (DAUs): 265 million vs. 257.79 million per FactSet
  • Average revenue per user (ARPU): $3.44 vs. $3.34 forecast by FactSet

Between the lines: Snapchat also said its new user generated video feature, Spotlight, saw 100 million monthly active users in January, suggesting that demand for the TikTok-style video trend can be replicated on other apps. Snapchat's user base is mostly under age 30.

  • In an effort to lure users to try the new feature, Snapchat said last quarter it will give away $1 million total to the creators of the top-performing videos on Spotlight each day for the remainder of 2020, and potentially beyond.

The big picture: Snapchat has been able to avoid most of the regulatory and industry pressure around privacy, in part due to the way it's been engineered and structured.

  • As Axios has previously noted, Snapchat had its best year in 2020, increasing its stock price from roughly $16 in January to more than $52 today.

Go deeper: Snapchat launches TikTok competitor Spotlight

Go deeper

Facebook's booming business, sinking reputation

Data: Company Filings; Chart: Axios Visuals

Facebook's business may be booming, but for the first time in the company's history, that doesn't seem to be enough to convince Wall Street its future is bright.

The big picture: Several Facebook executives have told Axios over the past year that big scandals — like the 2020 ad boycott, the Capitol siege, or the company's high-profile battle with Apple — have been the hardest challenges they've ever professionally faced. Now, Wall Street is having doubts, too.

Feb 3, 2021 - Technology

TikTok will prompt users when videos are flagged as misleading

TikTok

TikTok will begin asking users to seek credible information about a topic if they try to share a video that carries a misleading information label, the company announced Wednesday.

Why it matters: It's one of the most dramatic steps TikTok has taken to reduce the spread of misinformation on its platform.

Updated 21 mins ago - Sports

Japan's Naomi Osaka lights Olympic cauldron, kicking off Tokyo Games

Naomi Osaka lights the Olympic cauldron. Photo: Clive Rose/Getty Images

After a year-long delay, the Olympics finally got underway Friday as tennis star Naomi Osaka, who is competing for Japan, lit the cauldron, formally kicking off the Tokyo Games.

The big picture: Friday's opening ceremony looked, like many things over the last year, different than normal — multicolored seats replaced cheering fans, masks were a central part of the athletes' uniforms and a subdued, somber tone marked the occasion.