8/2/2023 0 Comments Meta stock loss"Clearly Meta got more impacted compared to its rivals as other social media like Snap posted healthy results," said Sachin Mittal, head of telecom and internet sector research at DBS Bank. The changes, which make it harder for brands to target and measure their advertising on Facebook and Instagram, could have an impact "in the order of $10bn" for this year, the firm said. Meta, which owns the world's second largest digital advertising platform after Google, also said it had been hit by privacy changes on Apple's operating system. ![]() The firm forecast revenues of between $27bn and $29bn for the first quarter of this year, which was lower than analysts had expected.Īlthough the company has been making investments in video services to compete with TikTok, owned by Chinese technology giant ByteDance, it makes less money from those offerings than its traditional Facebook and Instagram feeds. Mr Zuckerberg said the firm's sales growth had been hurt as audiences, especially younger users, had left for rivals. ![]() Meta also warned of slowing revenue growth in the face of competition from rival platforms including TikTok and YouTube, while advertisers were also cutting spending. Meta's stock market slump came on the eve of the 18th anniversary of the founding of Facebook. It was the first time ever that this measure of activity on the world's biggest social network had gone into reverse. That came after Meta revealed that Facebook's DAUs fell to 1.929bn in the three months to the end of December, compared to 1.930bn in the previous quarter. The drop in Mr Zuckerberg's personal fortune was equivalent to the annual gross domestic product of Estonia.Įven after that drop, Mr Zuckerberg has an estimated net worth of almost $90bn, which means he is still one of the richest people in the world. The company's share price slide saw chief executive Mark Zuckerberg's net worth fall by $31bn, according to the Bloomberg Billionaires Index. Meta also said that Facebook's daily active users (DAUs) had dropped for the first time in its 18-year history. Its shares fell 26.4% after quarterly figures disappointed investors. The platform’s daily active users declined from the previous quarter for the first time, dropping from 1.930 billion to 1.929 billion globally.WASHINGTON - Facebook's owner Meta Platforms saw its stock market value slump by more than $230bn (£169bn) on Thursday, in a record daily loss for a US firm. ![]() User growth on Facebook this quarter was stagnant at 2.91 million monthly active users, compared to 2.9 million users reported last quarter - representing only an increase of 4% year-over-year. After seeing a pandemic boost in online activity throughout 2020, its revenue and earnings growth is beginning to slow down. The company, which rebranded as Meta last October, reported a revenue of $29 billion last quarter, which was on par with analyst expectations last year. The social giant’s quarterly revenue came in at $33.67 billion, meeting analyst expectations of $33.41 billion. Meta’s market cap was previously at around $900 billion.įacebook parent company Meta met revenue expectations but missed EPS projections in its Q4 earnings on Wednesday. Twitter, Snap and Pinterest have all been trading lower, and Meta was trading at $237.76 when the market closed on Thursday. Facebook Parent Meta Stock Falls 20% After Reporting Stagnant User Growth
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