Shares of Facebook parent Meta Platforms Inc. tanked Thursday after the social-media company fell short with its quarterly outlook and outlined a laundry list of business pressures—from the rise of TikTok, to privacy changes made by Apple Inc., to macroeconomic constraints on ad spending.
“It’s not a major surprise that core blue is maturing and TikTok is gaining traction among the younger demographic – but following what was one of the roughest Meta conference calls in years, we think investors may start to question whether team Zuckerberg can salvage any growth out of FB, or whether the asset that represents ~2/3rds of revenue is in secular decline mode,” Barclays analyst Ross Sandler wrote.Meta also highlighted privacy-related changes from Apple AAPL, -1.
While Meta’s commentary spooked investors, Salmon suggested that there may have been another audience paying attention to the earnings call. “Through 4Q, we were optimistic that FB was making tangible progress in recovering lost signal stemming from the iOS ad changes,” Anmuth wrote. “However, we believe management’s tone around iOS impact has deteriorated, and what was once described as ‘manageable’ now appears to be a $10B revenue headwind in 2022.”
Sheesh Meta is down bad
Lol
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