The maker of Snap, Snapchat app and augmented reality glasses Spectacles said during its third-quarter earnings report in October that Apple’s privacy changes were having an unexpected effect on its business. But the company is adapting, Snape said in its fourth-quarter earnings report on Thursday, and the biggest impact of Apple’s transformation could be behind it.
What is Metavers and why does it matter?
Original. The term “metavers” refers to the whole real digital world that exists outside of where we live. It was created by Neil Stephenson in his 1992 novel “Snow Crash” and Ernest Klein explored the concept further in his novel “Ready Player One”.
“We’re making solid progress,” said Jeremy Gormman, Snap’s chief business officer. The company offers advertisers its own measurement tools to measure the impact of their ads, and those tools are now used by more than 75 percent of its direct-response advertisers, Ms. Said Gorm.
In its earnings report, Snape said it exceeded analysts’ expectations for revenue and user growth. In the last three months of 2021, Snape’s revenue was $ 1.3 billion, up 42 percent from the same period a year earlier. Daily active users increased to 319 million, an increase of 20 percent. The company’s profit was $ 22.5 million.
Snap’s share price rose after the news, with more than 50 per cent rise in after-hours trading on Thursday.
In the last three months of the year, Pinterest’s revenue rose to $ 847 million, up 20 percent from the same period a year earlier, the company said on Thursday. Its profit was 175 million, down 16 percent from 2020. Shares of Pinterest rose 29 percent in after-hours trading.
In the past, Twitter has said that Apple’s privacy pressures have led to minimal disruptions to its business as most of its ads come from major events such as brand awareness campaigns and the Olympics, rather than targeted ads. Twitter is set to report its fourth-quarter earnings in February. 10.
But Apple, which reported its fourth-quarter earnings last week, hinted that privacy was profitable. Despite the disruption in the supply chain, Apple said total sales of iPhones reached $ 71.6 billion, up 9 percent from a year earlier. The smartphone maker has reported an 11 per cent increase in revenue and a 20 per cent jump in profits.