Snap has some things to be happy about this quarter. It crossed $1 billion in revenue for the first time, added 13 million daily users, and doubled submissions to Spotlight, its relatively new TikTok rival. But it has also ran into a serious and ballooning problem: Apple’s ad tracking changes, which have already led to millions in lost ad dollars.
The company missed its revenue target by $3 million in the third quarter, largely because of Apple’s changes, Snap announced this afternoon. That’s not a huge miss on its own, but Snap expects the impact to continue next quarter and says its revenue growth will slow meaningfully as a result.
“We grappled with industry changes to...
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