Topline
Shares of major social media companies plunged on Friday, a day after Snap reported earnings that showed advertising revenue took a hit after Apple’s iPhone privacy changes, a trend that also looks set to impact the earnings of competitors like Facebook, Twitter and Google parent Alphabet.
Shares of major tech companies fell after Snap earnings showed that Apple’s recent privacy changes … [+]
Denis Charlet/AFP via Getty Images
Key Facts
Shares of Snap are so far down nearly 25% after third-quarter revenue of just over $1 billion came in below expectations, as the company admitted Apple’s iPhone privacy changes from earlier this year impacted advertising sales more than anticipated.
Even with the Dow Jones Industrial Average and S&P 500 sitting near record highs, the Nasdaq fell 0.8% on Friday, as social media and digital advertising…