OPINION: Fears that Apple’s recent privacy changes would upend the entire internet advertising market may have been overblown, writes tpoletti.
After Snap Inc. lost more than a quarter of its market value and took other internet stocks down with it last week, there were fears that Apple’s recent privacy changes would upend the entire internet advertising market.
On Tuesday, both Alphabet and Twitter reported third-quarter results that managed to avoid significant hits to their revenue as a result of the changes that Apple AAPL, +0.46% made to its iPhone iOS that lets users opt out of tracking by advertisers. Snap has been the hardest hit so far, but Facebook also said its revenue was hurt by the changes, and both companies gave disappointing forecasts for the fourth quarter.
“So overall, as we’ve said, we’re pleased with the strength across our business in the third quarter, it was broad-based, it was global,” said Alphabet Chief Financial Officer Ruth Porat. “In terms of the iOS 14 changes specifically, they had a modest impact on YouTube revenues.” YouTube revenue came in at $7.2 billion, about $200 million shy of analysts’ consensus estimates of $7.4 billion.
In a note to clients Tuesday, Bernstein Research analyst Mark Shmulik said Alphabet shares proved a refuge.
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