Snap shares dive 39% following poor earnings report; Slow economy + iOS updates to be blamed

The social media company attributed its results to a challenging economy, slowing demand for its online ad platform, Apple’s 2021 iOS update and competition from companies like TikTok.

Analysts from JPMorgan also downgraded shares of Snap and said that, while the company did not call out TikTok specifically, they believe that company’s rapid monetization growth and strong engagement are having a significant impact on Snap’s business.