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Snap warns of slowing revenue growth due to Apple rule changes

Snap Inc. said it expects its revenue growth to slow in the fourth quarter due to recent changes to Apple iPhone privacy rules. The Santa Monica, California-based company said revenue rose 57% to $1.07 billion for the quarter ended Sept. 30, slightly below Wall Street expectations and its own guidance, according to The Wall Street Journal. Snap (NYSE: SNAP) also projected revenue for the quarter ending Dec. 31 would reach $1.17 billion to $1.21 billion, up from $911 million in the year-earlier period but below the average Factset analyst forecast of $1.36 billion.

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