Snap Inc. said Thursday it expects growth to slow in the current quarter because of recent changes to Apple Inc.’s App Store privacy rules, sending Snap’s stock tumbling more than 20% in after-hours trading and highlighting the impact of the iPhone maker’s new policy on digital advertising.
The social-media company said revenue rose 57% for the three months ended Sept. 30, slightly below analysts’ expectations and its own guidance, but it expects expansion to slow. Daily users rose 23% to 306 million.