Snap Misses Earnings Because of Apple’s Privacy Changes
cnbc.comNo - Snap missed earnings because Snap underestimated the effects of Apple's privacy changes - in other words they figured people would be happy to opt-in to reduced privacy.
I guess people don't like my answer but that's basically what the CEO said. He knew it was coming and didn't do enough.
“While we 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 advertising partners to measure and manage their ad campaigns for iOS,” Spiegel said in his prepared remarks.
Well said. Facebook for example already told shareholders things will look bad in future age months back.
Turns out people care about privacy.
I would really like them to elaborate on exactly how these changes reduced their revenue by a couple of houndred million.
To be fair to apple, the global supply chain interruptions and labor shortages reduces the "short-term appetite to generate additional customer demand through advertising." which loosely translates to companies had empty shelves so didnt bother paying for ads to drive customers to their sites for stuff that isnt in stock