Reuters
Meta shares plunge 20% as Facebook feels heat from Apple – and TikTok
(Reuters) -Facebook owner Meta Platforms Inc’s shares plunged more than 20% late on Wednesday as the social media company posted a weaker-than-expected forecast, blaming Apple’s privacy changes and increased competition for users from rivals like TikTok. Meta, which missed on Wall Street’s earnings estimates, said it faced hits from Apple Inc’s privacy changes to its operating system, which have made it harder for brands to target and measure their ads on Facebook and Instagram. The 18-year-old tech giant, which also faces pressure from platforms like TikTok and YouTube, said it expected slowing revenue growth in the coming quarter due to increased competition for users’ time and a shift of engagement toward such features as its short video offering Reels, which generate less revenue.
