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SNAP’s Revenue Miss Is The Canary In Facebook’s Coalmine

SNAP's Revenue Miss Is The Canary In Facebook's Coalmine

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We see SNAP’s Q3 revenue miss and lower Q4 2021 guidance as a harbinger for Facebook’s Q3 results and reduce our estimates. However, we see the emergence of higher-than-expected iOS impact on SNAP and by default on Facebook as ephemeral in nature.

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