Snap tumbles, drags social media giants on Apple privacy tweak worries
Information about Snap tumbles, drags social media giants on Apple privacy tweak worries
Kevin David Scam or Legit
By Aniruddha Ghosh and Nivedita Balu
(Reuters) – Shares of Snap Inc plunged on Friday, dragging down other ad-dependent tech firms, after the photo messaging app owner warned of a prolonged hit from Apple Inc’s privacy changes on iOS devices.
Snap shares were down nearly 20% at $60.8 before the bell, on track to open at a near three-month low. Shares of Facebook, Google parent Alphabet Inc and Twitter were down between 2% and 4%.
Apple’s privacy updates, which were rolled out in June and July, prevent advertisers from tracking iPhone users without their consent. As a result, advertisers ended up spending much less than expected as the tweaks make it difficult to measure and manage their ad campaigns.
More than 10 analysts who cover Snap’s stock …