Snap reported its quarterly earnings numbers on Thursday, including $1.07B in revenue. The average revenue per user was $3.49, falling below expectations.
- Snap CEO Evan Spiegel said that Apple privacy changes made it more difficult for advertisers to measure and manage their campaigns on iOS.
- He also attributed the lower earnings results to supply chain interruptions and labor shortages that reduce "the short-term appetite to generate additional customer demand through advertising."
- The social media app's net loss was $72M, which is an improvement of $128M from the previous year.
- Snap reached 306 million daily active users, a 4% increase since April and a 23% rise YoY. The company expects between 316 million and 318 DAUs in Q4.
- $SNAP was down 19.8% to $60.24 on Friday pre-market.