Analysis: shares in Meta fell by 25% after latest results revealed first-ever decline in daily users
Mark Zuckerberg’s social media empire felt the full force of investors’ concerns about its growth prospects on Thursday, as the revelation of Facebook’s first-ever drop in daily users helped trigger a selloff, with shares down by a quarter.
Last year a whistleblower, Frances Haugen, released internal documents that included presentations warning that Facebook was Meta, which also owns Instagram and WhatsApp, saidrecent changes with Apple’s iOS software for iPhones had hurt the business. Apple now requires users to give permission for companies such as Meta to gather data about them as they browse across the web. Unsurprisingly, users have said no thanks and it has made its ad targeting less effective.
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