A 3D printed Facebook's new rebrand logo Meta is seen in front of displayed stock graph in this illustration taken on Nov 2, 2021.Stiff competition from TikTok and Apple Inc's privacy changes will remain a cause for concern for Facebook-owner Meta Platforms Inc in the near term, Wall Street analysts said.
Shares of the company were down about 6 per cent at $159.8 , setting the Whatsapp owner on course to lose roughly $30 billion in market value for the day. Apple upended the digital ad industry when it introduced new iPhone privacy controls last year that made it harder for companies such as Meta and Snap Inc to target and measure ads on their apps.
"Tough comps, macro and FX are certainly part of the near-term story, but TikTok competition and Apple iOS changes will both have a bigger impact than expected in 2022," J.P. Morgan analysts said.
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