Snapchat's GMV in the third quarter reached $1.07 billion! Advertising business hit hard by Apple's privacy policy!

It is learned that on October 21, the US social e-commerce platform Snapchat announced its third-quarter financial report, which performed below expectations. Snap's advertising business was hit hard by Apple's new privacy regulations introduced earlier this year. After the financial report was released, Snap's stock price plummeted 25% after the market. After Snap's third-quarter financial report was released, the stock prices of social media competitors Facebook and Twitter both fell nearly 7% in after-hours trading. The following are the detailed data of the third-quarter financial report:

• Snapchat had 293 million daily active users in the second quarter. In the third quarter ended September 30, daily active users climbed to 306 million, higher than Wall Street's forecast of 301 million and 23% higher than the same period last year.

• GMV in the third quarter increased 57% year-on-year to US$1.07 billion, lower than Wall Street's forecast of US$1.1 billion.

• Snapchat's net loss narrowed 64% to $72 million from a loss of $200 million a year ago.

It is learned that due to the impact of Apple's new privacy policy, Snapchat expects its fourth-quarter GMV to be between $1.17 billion and $1.21 billion, which is significantly lower than the market expectation of $1.35 billion. The number of daily active users in the fourth quarter is expected to reach between 316 million and 318 million.

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