Whipsawed by Meta’s poor results a day earlier, Snap Inc. reported its first quarterly profit as well as top- and bottom-line numbers that beat Street expectations on Thursday. The results turned around a recent stock slide, with shares surging 59% in extended trading.
Snap
SNAP,
the maker of photo messaging app Snapchat, said privacy changes imposed last year by Apple Inc.
AAPL,
on iOS devices hurt Snap’s ability to target and measure its digital advertising — echoing Meta’s concerns. Nonetheless, it persevered through strong sales that may be eating away at Meta’s audience.
“2021 was an exciting year for Snap and we made significant progress growing our business and serving our global community,” Snap Chief Executive Evan Spiegel said in a statement. “The…
