Snap shares fell 25% on Thursday after the company announced that privacy changes introduced by Apple through an advertising tool that prevents digital advertisers from tracking iPhone users without their consent prevented the company from targeting and measuring its digital advertising, which is the company’s main source of revenue.
Snap posted revenue of $1.07 billion in the third quarter that ended September 30, beating consensus estimates of $1.1 billion and posting a net loss of $72 million, or 5 cents per share, down from $199.9 million, or 14 cents per share, in the third quarter.
While Snap said the supply chain disruption affected a wide range of advertisers across industries and regions, it said it expected disruption to Apple’s privacy and global supply chain to continue into the fourth quarter.
Snap’s third-quarter revenue results pushed Facebook shares down 6%, Twitter down 7%, and Alphabet down 3%.
For more information, read the original story in Reuters.
