Snap, Snapchat's parent company, had its shares plummet Thursday after reporting disappointing profits.

According to CNBC, Snap is blaming the decline in part on Apple's new privacy regulations. Especially given the fact that Snap CEO Evan Spiegel told CNBC in February that Apple's then-upcoming privacy reforms would have no impact on Snapchat's advertising and that Apple's privacy decisions were the correct call for safeguarding its customers,

Snap, on the other hand, predicted a drop in stock earnings and warned investors in an earnings report that Apple's privacy upgrade would jeopardize its demand for advertisers when it was implemented.

“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,” CNBC quotes Spiegel. 

According to The Hill, Spiegel also noted difficulties with supply chain slowdowns and staffing shortages, in addition to the challenges Snap blames on Apple's privacy policy, which the business claims inhibit ad income.

Snapchat has grown from 293 million daily users to 306 million daily users since April.

This is more than a four percent user increase and is up 23 percent from last year's 249 million daily users. 

Despite the disappointing stock earnings released Thursday, Snapchat aims to reach between 316 million and 318 million daily users in the fourth quarter.

“While it is difficult to predict the trajectory of these challenges, the growth of our audience, the adoption of our new products and platforms by our community, and the underlying efficacy of our advertising products for performance advertisers give us confidence in the future of our business and our ability to navigate this environment as we continue to invest in our long-term vision," Spiegel said.