SNAP reported its Q3 earnings and it was not pretty, missing revenues and ARPU:

• Revenue: $1.07 billion vs. $1.10 billion forecast by Refinitiv

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• Average revenue per user (ARPU): $3.49 vs. $3.67 per StreetAccount

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It also cut the outlook dramatically:

• *SNAP SEES 4Q REV. $1.17B TO $1.21B, EST. $1.35B
• *SNAP SEES 4Q ADJ EBITDA $135M TO $175M, EST. $299.3M

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The blame for all this covered pretty much everything:

“While we anticipated some degree of business disruption, the new Apple-provided measurement solution did not scale as we had expected, making it more difficult for our advertising partners to measure and manage their ad campaigns for iOS,” Snap CEO Evan Spiegel said in his prepared remarks.

Spiegel also warned that global supply chain interruptions and labor shortages reduces the “short-term appetite to generate additional customer demand through advertising.”

SNAP shares have been destroyed after-hours, crashing a stunning 28%...

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On the barely bright side, Snapchat reported 306 million daily active users, up more than 4% from the 293 million the company reported in April. That figure is up nearly 23% compared with the 249 million daily users the company reported a year prior.

Although we note that North America DAUs remain basically flat.

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The company expects to reach between 316 million and 318 million DAUs in the fourth quarter, the company said in its prepared remarks. That came in ahead of the 311.8 million daily active users analysts were expecting for the fourth quarter, according to StreetAccount.