Snap Inc. (NYSE:SNAP) shares were trading around 25% lower Friday afternoon following yesterday’s Q3 results announcement, with daily active users beating the Street expectations, but revenue was disappointing.

The company provided a weaker outlook for Q4 on IDFA headwinds & expectations of supply chain disruptions impacting ad spend. While IDFA headwinds will be felt across the entire digital ad ecosystem, the company's skew towards larger direct response advertiser and shorter duration of advertiser relationships will probably increase headwinds in comparison to others.

Analysts at Oppenheimer lowered their price target on the company’s shares to $75 from $88, reiterating their outperform rating. While the analysts expect the company to fully recover from these headwinds, they believe it will take time for alternative measurement solutions to reach full adoption.