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Illustration: Rebecca Zisser/Axios

Snapchat's stock fell nearly 25% in after-hours trading Thursday after the tech giant acknowledged that its ad business "was disrupted" by changes to Apple's privacy terms that rolled out in June and July.

Why it matters: Snapchat's quarterly results sent stocks for Google and Facebook down in after-hours trading on fears that their businesses may also be affected by Apple's changes.

  • Facebook last month said that Apple's new app tracking transparency feature will continue to cause headwinds for its ads business in the third quarter.
  • "Broadly speaking, these changes have upended many of the industry norms and advertiser behaviors that were built on IDFA (Apple's unique device identifier for advertising) over the past decade," Snapchat said in prepared remarks.

Details: Snapchat said that while it 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 ad partners to measure and manage their ad campaigns for iOS."

  • The company also said that supply chain challenges caused by the pandemic also hurt its ads business last quarter, "with our ad partners facing a variety of supply chain interruptions and labor shortages."
  • Apple's changes also had an impact on Snapchat's top line. The company missed Wall Street expectations on revenue, which also likely weighed on Snapchat's stock price.

By the numbers, per CNBC:

  • Adjusted earnings per share: 17 cents vs. 8 cents forecast by Refinitiv
  • Revenue: $1.07 billion vs. $1.10 billion forecast by Refinitiv
  • Global daily active users (DAUs): 306 million vs. 301.8 million predicted by StreetAccount
  • Average revenue per user (ARPU): $3.49 vs. $3.67 predicted by StreetAccount

Yes, but: Snapchat said its ads business continues to grow in the direction it wants.

  • The company's chief business officer, Jeremi Gorman, said its direct response ads business is growing faster than its brands ads business, pointing to Snapchat's continued success in attracting small and medium-sized businesses to its self-serve ad platform.
  • It also beat Wall Street expectations on user growth. The company now has over 300 million daily active users worldwide, an increase of 57 million year-over-year.
  • The company has grown its daily active user base by more than 20% for the past four consecutive quarters.

Go deeper

Dec 21, 2021 - World

Why U.S. giants keep caving to China

Illustration: Sarah Grillo/Axios

The Chinese government increasingly is using its economic weight to reshape global behavior and strengthen its own authoritarianism. And democratic governments have left companies to fend for themselves.

Why it matters: Global businesses and nonprofits learned the hard way this year that taking a stand for democratic values can cause massive revenue losses in the Chinese market.

Dec 21, 2021 - Economy & Business

AT&T selling ad tech unit Xandr to Microsoft

Photo: Budrul Chukrut/SOPA Images/LightRocket via Getty Images

AT&T is selling its ad tech unit Xandr to Microsoft. Terms of the deal weren't disclosed.

Why it matters: AT&T has been scrambling to get Xandr off its balance sheet. Sources told Axios earlier this year that Xandr loses tens of millions a year and has been grossly mismanaged.

Dec 21, 2021 - Economy & Business

Exclusive: Taboola teams with Microsoft to launch audience network

Photo by Joshua Sammer/Getty Images for Taboola

Taboola, a content recommendation company, is launching an audience network for advertisers looking to place native ads on the open web.

Why it matters: Firms like Facebook, Amazon, Google and Spotify launched audience networks to extend their advertising reach across areas where they're dominant, like social, commerce, search and audio. Taboola's building an audience network that reaches people outside those big platforms.

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