Snap’s stock drops as iPhone privacy controls pinch ad sales
SANTA MONICA, Calif. (AP) — Snapchat’s corporate parent has disclosed that its ad sales are being hurt by a privacy crackdown that rolled out on Apple’s iPhones earlier this year, raising investor fears that the app’s financial growth is going into a tailspin. The revelation in Snap Inc.’s third-quarter earnings triggered a nearly 22% drop in the company’s stock price in extended trading, setting up the shares for potentially massive selloff in Friday’s regular session. The alarms set off by Snap’s disappointing performance could foreshadow troubles for other apps that may be having more problems tracking their users’ online activities since an iPhone software update came out in April.
