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Facebook Inc (NASDAQ:FB) is trading lower Friday following Snap Inc's (NASDAQ:SNAP) third-quarter financial results.
Snap reported worse-than-expected third-quarter revenue results and issued fourth-quarter guidance below estimates.
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The company said advertising revenue was negatively impacted by Apple Inc's (NASDAQ:AAPL) privacy changes surrounding advertising on mobile apps.
Related Link: Snapchat Takes Other Social Media Stocks Down With It On Apple Privacy Changes Warning: What You Should Know
“We’re now operating at the scale necessary to navigate significant headwinds, including changes to the iOS platform that impact the way advertising is targeted, measured, and optimized, as well as global supply chain issues and labor shortages impacting our partners," said Evan Spiegel, CEO of Snap.
Snap owns one of the most popular social networking apps, Snapchat, in developed regions such as North America and Europe.
Facebook is the world's largest online social network.
FB Price Action: Facebook has traded as high as $384.33 and as low as $244.61 over a 52-week period.
The stock was down 4.27% at $327.30 at time of publication.
Photo: Coffee Bean from Pixabay.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.