Snap CEO Calls Challenges “Transitory,” Says “Fundamentals Of Business Intact” After Shares Plunge On Ad Sale Jitters

Snap CEO Calls Challenges “Transitory,” Says “Fundamentals Of Business Intact” After Shares Plunge On Ad Sale Jitters
Updated with exec comments from call: Snap executives on delved into two troublesome areas — to do with Apple on one hand and with supply chain logjams and labor shortages on the other that make its bread and butter advertising revenue hard to predict through year end. Jitters at the quarterly numbers released after market close today smashed the shares lower in late trading.

CEO Evan Spiegel said the issues around supply chains and labor in the news every day are hitting Snapchat advertisers, constraining their spending. A new iOS privacy feature Apple rolled out this summer requiring double authentication by mobile app users in order to direct ads to them has slowed down business. A program that Apple developed to help fix the problem doesn’t work, he said. The challenges fast-growing Snapchat is seeing are “transitory,” he said. “We believe the fundamentals of our business are intact.”

The new privacy tool,
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