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Based in Hong Kong
Company profile

Provident Acquisition Corp is a blank check company. The Company is formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company have not selected any specific business combination target. The Company intends to focus on consumption-focused companies with disruptive growth potential that have operations or prospective operations in Asia, with a particular focus on the technology sector in Southeast Asia.

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Snap stock plummets as it blames Apple for sales miss, Facebook and Google also drop

4:43 pm ET October 21, 2021 (MarketWatch)

By Jon Swartz

In earnings report, Snap says revenue was constrained by Apple privacy changes and supply-chain issues, which is taking a bite out of other ad-focused tech companies

Snap Inc. shares were slammed Thursday, initially plunging more than 25% in extended trading, after the social-media company reported middling revenue and blamed Apple Inc. and supply-chain constraints.

The maker of photo messaging app Snapchat said privacy changes imposed by Apple (AAPL) on iOS devices hurt Snap's ability to target and measure its digital advertising.

"Our advertising business was disrupted by changes to iOS ad tracking that were broadly rolled out by Apple in June and July," the company reported. "Broadly speaking, these changes have upended many of the industry norms and advertiser behaviors that were built on IDFA (Apple's unique device identifier for advertising) over the past decade."

"While we anticipated some degree of business disruption, the new Apple-provided measurement solution did not scale as we had expected, making it more difficult for our ad partners to measure and manage their ad campaigns for iOS."

Compounding matters, Snap said global supply chain disruptions and labor shortages caused companies to pull back on their advertising spending.

Snap (SNAP)announced a net loss of $71.9 million, or 5 cents a share, down from a loss of $199.8 million, or 14 cents a share a year ago and besting street predictions of a loss of 10 cents a share, according to analysts polled by FactSet. Snap reported adjusted earnings of 17 cents a share. Snap's sales improved 57% to $1.07 billion, lower than Street estimates of $1.1 billion.

Snap said it expects the Apple privacy changes and global supply chain disruptions to linger through the fourth quarter. Executives issued fourth-quarter revenue guidance of $1.165 billion to $1.205 billion, significantly short of the $1.36 billion projected on average by analysts polled on FactSet.

"We're now operating at the scale necessary to navigate significant headwinds, including changes to the iOS platform that impact the way advertising is targeted,measured, and optimized, as well as global supply chain issues and labor shortages impacting our partners," Snap Chief Executive Evan Spiegel said in a statement.

Thursday's precipitous plunge in stock erased recent gains; Snap shares are up 50% so far this year, while the broader S&P 500 index SPX has improved 21% in 2021. Shares of Facebook Inc. (FB), by comparison, are up 25% this year, but they also fell in the extended session Thursday, by more than 6%. Alphabet Inc. (GOOGL)(GOOGL), Twitter Inc. (TWTR) and Pinterest Inc. (PINS) also dropped in late trading.

The results -- the first from a major social-media company during earnings season -- are being closely watched by investors in the other social-media companies. Those companies, like Snap, are heavily dependent on digital advertising, which swooned/galloped in the September quarter, according to Wall Street analysts.

Snap reported 306 million daily active users in the third quarter, edging an average analyst forecast of 301.8 million, according to FactSet.

On Tuesday, Snap announced the launch of a global creative studio, called Arcadia, to help brands develop augmented reality advertising and experiences. The studio -- which has already teamed up with Verizon Communications Inc. (VZ), Shake Shack Inc. (SHAK), and World Wrestling Entertainment Inc. (WWE) -- will partner with brands and creators to engage with Snapchat's millennial and Gen Z audiences.

-Jon Swartz


(END) Dow Jones Newswires

October 21, 2021 16:43 ET (20:43 GMT)

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