Facebook owner Meta Platforms Inc’s shares plunged more than 20% late on Wednesday after the social media company posted a weaker-than-expected forecast, blaming Apple’s privacy changes and increased competition for users from rivals like TikTok.
Highlights
- Facebook owner Meta Platforms Inc’s (FB.O) shares plunged more than 20% late on Wednesday after the social media company posted a weaker-than-expected forecast.
- Facebook’s global daily active users declined from the previous quarter for the first time, to 1.929 billion from 1.930 billion.
- The after-hours slump in Meta shares vaporized $200 billion of its market value, while peers Twitter Inc (TWTR.N), Snap Inc (SNAP.N) and Pinterest Inc (PINS) lost another $15 billion in value.
- Facebook reported 2.91 billion monthly active users in the fourth quarter, showing no growth.