|
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
Best Mobiles in India
1,29,900
79,990
38,900
1,19,900
18,999
19,300
69,999
86,999
20,999
1,04,999
49,999
15,999
20,449
7,332
18,990
31,999
54,999
17,091
17,091
13,999
6,299
6,999
7,499
19,999
6,499
6,690
22,395
15,999
32,239
18,650
Story first published: Thursday, February 3, 2022, 18:11 [IST]
Note: This article have been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here
Silonn Ice Maker Countertop, 9 Cubes Ready in 6 Mins, 26lbs in 24Hrs, Self-Cleaning Ice Machine with Ice Scoop and Basket, 2 Sizes of Bullet Ice for Home Kitchen Office Bar Party
$57.53 (as of November 6, 2024 18:44 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
WBao Christmas Net Lights, 200LED 8.4ft x 5.2ft Christmas Lights with 8 Modes, Timer, End to End Connectable, Waterproof Design for Lawn, Bushes, Trees Outdoor Christmas Decorations, Multicolor
$19.99 (as of November 6, 2024 18:48 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
ZOOKKI Solar Spot Lights Outdoor, Solar Lights Outdoor Waterproof IP65, 3 Brightness Modes Dusk to Dawn Landscape Spotlights for Yard Garden Pathway Tree Decoration, Cool White, 1 Pack
$9.99 (as of November 6, 2024 18:48 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Under Cabinet Lights,40 LED Rechargeable Battery Operated Motion Sensor Light Indoor, 2 Pack Magnetic Dimmable Closet Lights, Wireless Under Counter Lights for Kitchen, Stairs
$21.30 (as of November 6, 2024 18:44 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
