Why Twitter Shares Are Trading Lower Today

Twitter Inc TWTR is trading lower Friday following Snap Inc's SNAP third-quarter financial results.

Snap reported worse-than-expected third-quarter revenue results and issued fourth-quarter guidance below estimates. 

See Also: Analysts Lower Price Targets On Snap After Q3 Performance

The company said advertising revenue was negatively impacted by Apple Inc's AAPL privacy changes surrounding advertising on mobile apps.

“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," said Evan Spiegel, CEO of Snap.

Snap owns one of the most popular social networking apps, Snapchat, in developed regions such as North America and Europe.

Twitter is an open distribution social media platform for short-form text, image and video content. 

TWTR Price Action: Twitter has traded as high as $80.75 and as low as $38.93 over a 52-week period.

The stock was down 3.58% at $63.06 at time of publication.

Photo: Photo Mix from Pixabay.