Snap misses revenue expectations after Apple's privacy changes

At one point, Snap’s shares plunged nearly 25% in after-hours trading to $56.36 per share.

Snap earned 17 cents per share, beating estimates of 8 cents per share.

Social media companies have warned that theprivacyfeature could affect ad targeting.

Snap also faces stiff competition from larger tech companies such as Google and Facebook.

Snap said it’s working on its own tool to help advertisers measure whether their campaigns are working.