Snapchat's parent company said its advertising business bounced back from the effects of Apple's privacy changes faster than it expected, and shares of the company skyrocketed 50% as it provided a first-quarter outlook that surpassed analyst estimates.
Snap Inc on Thursday said its advertising business bounced back from the effects of Apple Inc's privacy changes faster than it expected, and shares of the company skyrocketed 50% as it provided a first quarter outlook that surpassed analyst estimates.
The results were good news for a tech sector hammered since yesterday on gloomy outlooks and concern that Apple's privacy updates, which were introduced last year and allow users to prevent apps from tracking their online activity for advertising purposes, would hurt ad revenue.Snap forecast first-quarter revenue between $1.03 billion to $1.08 billion, and daily active users to be between 328 million to 330 million.
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