Facebook owner Meta Platforms Inc's shares plunged more than 20 per cent late on Wednesday (Feb 2) 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,.
Facebook owner Meta Platforms Inc's shares plunged more than 20 percent 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.
Meta says it faced hits from Apple's privacy changes to its operating system, which have made it harder for brands to target and measure their ads on Facebook and Instagram