Snap on Thursday kicks off quarterly results for big social media companies. These results will give an early window into how digital advertising-driven companies are navigating the continued fallout from Apple privacy changes. Snap’s results should also reveal how its TikTok competitor Spotlight is faring. 

First, look for a read on the repercussions of Apple’s iOS privacy changes, which makes it harder for advertisers to target ads to certain iPhone users. Apple’s shift had a less severe impact on Snap than Meta Platforms in the fourth quarter, and Snap even managed to report its first-ever quarterly profit during the period.