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Meta Platforms Inc, which owns Facebook, saw its stock drop more than 20% late Wednesday after the social network firm issued a weaker-than-expected projection, accusing Apple’s privacy reforms and greater competition for consumers from rivals such as TikTok.
Apple Inc.’s privacy modifications to its operating system have made it more difficult for marketers to target and measure their ads on Facebook and Instagram. For the first time, Facebook’s global daily active users fell from 1.930 billion to 1.929 billion in the third quarter.
Facebook Experiencing A Decline
In the fourth quarter, Facebook recorded 2.91 billion monthly active users, unchanged from the previous quarter. Due to increased competition for users’ time and a shift in engagement toward features like its short video offering Reels, which generate less revenue, the 18-year-old tech giant, which also faces pressure from platforms like TikTok and Google’s YouTube, said it expects revenue growth to slow in the coming quarter.
Meta, which owns the world’s second-largest digital ad platform behind Google, has previously warned that the fourth quarter would bring “substantial volatility” to its advertising business.
On a conference call with analysts, Meta’s chief financial officer, Dave Wehner, said the impact of Apple’s privacy measures may be “on the range of $10 billion” in 2022. Apple has made modifications to its operating software that allow users to opt out of apps tracking their online activity for advertising purposes, making it more difficult for advertisers that rely on data to develop new goods and understand their market.
Meta- A Concept Of Virtual Spaces
Zuckerberg earlier stated that the company’s investment in this area will cut operating profit by $10 billion in 2021 and that it would not be profitable “any time soon.” In 2021, Reality Labs generated $2.3 billion in revenue. The business has kept the sales figures for its virtual reality Quest headgear under wraps.
The business announced on Wednesday that its stock symbol would change to “META” this year, the latest step in its rebranding to focus on the metaverse, a futuristic concept of virtual spaces where users can work, connect and play.
The IT behemoth, which changed its name in October to reflect its metaverse ambitions, believes the metaverse will be the mobile internet’s successor. “Investors looking at Meta are starting to realize that buying their stock isn’t just an investment in their ad platform,” Flynn Zaiger, CEO of social media consultancy Online Optimism
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Story first published: Thursday, February 3, 2022, 18:11 [IST]
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