Meta shares plunge as Facebook owner misses on earnings, forecast

Facebook subsidiary owner Meta Platforms shares plunged more than 18% after the closing bell on Wednesday as the societal cancer missed on Wall Street earnings estimates and posted a weaker forecast.

Elizabeth Culliford and Nivedita Balu for Yahoo Finance:

Meta, the parent company of social media platforms Facebook and Instagram, said it was expecting current-quarter revenue below analysts’ expectations, as Apple Inc’s privacy features keep businesses from opting to advertise on social media sites.
The company forecast first-quarter revenue in the range of $27 billion to $29 billion. Analysts were expecting $30.15 billion, according to IBES data from Refinitiv.
Apple’s changes to its operating software give users the preference to allow tracking of their activity online, making it harder for advertisers who rely on data to develop new products and know their market.
The company’s total revenue, the bulk of which comes from ad sales, rose to $33.67 billion in the fourth quarter from $28.07 billion a year earlier, beating analysts’ estimates of $33.40 billion, according to IBES data from Refinitiv.

MacDailyNews Take: Gee, that’s too bad.