Already jittery markets have punished pandemic-era darlings including Netflix for disappointing results, with Meta getting a taste of that after its $10.3-billion quarterly profit and daily user-growth fell short of expectations.
"In addition to these factors, we believe competitive services are negatively impacting growth, particularly with younger audiences," Weiner added. On the financial side, Meta achieved a turnover of $33.67 billion, in line with its forecasts, but it made $10.3 billion in net profit in the fourth quarter, 8% less than last year.
In the update of iOS, its mobile operating system, Apple required application publishers to ask permission before collecting data, much to the regret of companies like Meta that rely on that information for ad targeting. The Silicon Valley giant's whistleblower crisis last year highlighted accusations that executives prioritised growth over keeping their billions of users safe.
"Facebook appears to now be feeling the impact on ad revenues from Apple's new privacy first approach," the group's statement said.Meta is betting heavily on its belief that the metaverse is the next major evolution of how humans live with the internet.
Translation: because people wish to keep their privacy and not share there age race gender location habits (good or bad), hobbies, general private moments, we the life sucking vastly wealthy annoying advertising companies cannot efficiently prey on people and lost a bit of money
Social media is toxic.
Social media is cancer to humanity.