Snap, the parent company of Snapchat, has seen its stock tumble 20% in after-hours trading after reporting first-quarter earnings Thursday.
The company missed Wall Street revenue estimates of $1 billion, closing out the quarter with $989 million. That’s down 7% from the same period last year, and it represents the first time since Snap went public that revenue fell.
Snap attributed this downgrade to a “disrupted” demand for ads after making upgrades to the platform on which it sells ads. It might also have something to do with the privacy changes Apple has made, which make it more difficult for advertisers to collect data and target ads.
The company is not the only one experiencing the impact of reduced digital ad revenue. Ad reven …
