![]() Rival social media companies, most notably Facebook, have been similarly hurt by Apple's changes. Snap added that revenue growth is likely to keep decelerating in the fourth quarter, as that period "has historically been relatively more dependent on brand-oriented advertising revenue," which declined in the latest period.Īpple's 2021 privacy update to iOS remains a barrier in Snap's ability to track users across the web, thus weakening its online advertising business. "Forward looking revenue visibility remains incredibly challenging, and this is compounded by the fact that revenue in Q4 is typically disproportionately generated in the back half of the quarter, which further reduces our visibility," the company said. Snap also said that it wouldn't give guidance for the fourth quarter, marking a second consecutive period in which it's chosen not to offer a forecast. "We are finding that our advertising partners across many industries are decreasing their marketing budgets, especially in the face of operating environment headwinds, inflation-driven cost pressures, and rising costs of capital." ![]() "Our revenue growth continued to decelerate in Q3 and continues to be impacted by a number of factors we have noted throughout the past year, including platform policy changes, macroeconomic headwinds, and increased competition," Snap said in its letter to investors. ![]() Severance and related costs made up a big part of the restructuring charge in the period. In August, Snap announced that it would lay off 20% of the company's roughly 6,000 employees as part of a major restructuring plan. ![]() Average revenue per user (ARPU) was down 11% to $3.11. Personal Loans for 670 Credit Score or Lowerĭaily active users increased 19% year-over-year, showing the company is still able to attract people to the service despite the struggles on the business side. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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