Snap Inc. plunged by the most in more than a year after the Snapchat app owner reported lower-than-projected revenue over the peak holiday season, disappointing investors just a week after much-larger rival Meta Platforms Inc. posted its best sales growth in two years.
Snap and Meta were badly affected by changes Apple Inc. made in 2021 to its privacy settings that made it harder for advertisers to track iPhone users. While Snap is struggling to recovery, Meta has bounced back, posting a 25% gain in sales in the fourth quarter.
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