Earnings Reports

Apple’s iOS 14.5 Takes a Bite Out of Snap’s Q3 2021 Revenue

Snapchat’s parent posted 57% year-over-year growth but fell short of projections

SnapQ32021EarningsHero — Snap Inc. topped the $1 billion mark in a quarter for the first timePhoto Illustration: Trent Joaquin; Sources: Snapchat, Getty Images

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The third quarter of 2021 marked the first full quarter in which Apple’s App Tracking Transparency framework, introduced as part of its iOS 14.5 operating system, impacted the entire period, as iOS 14.5 began rolling out April 26. Snap Inc. was the first domino to fall, reporting its financial results for the three months ending Sept. 30 after market close Thursday, but it will likely not be the last.

Although revenue at Snapchat’s parent company rose 57% versus the third