OPINION: Snap sounded the alarm Thursday that the long-feared internet advertising meltdown may finally be here, writes tpoletti.
Snap Inc. sounded the alarm Thursday for the long-feared internet advertising meltdown that could be coming in the normally busy fourth quarter.
Based on comments by Snap SNAP, -0.71% on Thursday, the results are not pretty. The young social-media company, known for its Snapchat app, blamed the changes Apple made to iOS as a big factor in its $3 million third-quarter revenue shortfall. In addition, Snap executives forecast that fourth-quarter revenue would grow at a rate of only about 19% to 20%, down from third-quarter growth of 57%.
Last December, Facebook even launched a full-on PR assault on Apple, with full-page ads in three national newspapers, proclaiming that Apple’s then-upcoming changes would hurt the ability of small businesses to offer targeted advertising to consumers, and app developers’ ability to offer free content.
“[Advertisers] don’t necessarily want to accelerate the field of products that they are going to have a hard time getting into the hands of customers, and that is somewhat broad,” Snap Chief Business Officer Jeremi Gorman told analysts on Thursday’s post-earnings conference call.
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