Close to $200 billion was knocked off the company’s valuation as Facebook owner Meta Platform’s Inc reported weaker-than-expected forecast, blaming Apple’s privacy changes and increased competition for users’ time from rivals like TikTok and Google’s YouTube. Creating a rare decline in profit, Meta’s shares fell 22.6% to $249.90 in after-hours trading.
Though the company is building a Metaverse—a virtual universe—the company’s revenue solely relies on advertisements. Due to the changes in Apple’s data tracking policies, Meta is unable to acquire target audience data.
