Why Apple’s Privacy Changes Hurt Snap and Facebook but Benefited Google

Apple Inc.’s recent privacy crackdown has affected the largest players in online advertising very differently, recent quarterly results show, underscoring the strengths and weaknesses of each tech giant’s ad business.

Alphabet Inc.’s Google, the world’s largest digital-ad company by revenue, tallied its highest sales growth in more than a decade in the third quarter, while Facebook Inc. and Snap Inc. came up short of expectations and blamed Apple’s privacy rules for the slowdown.

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