Facebook parent Meta’s stock plunged some 26%, more than $230 billion in market value on Thursday after the company forecast weaker-than-expected revenue growth in the next quarter. The company blamed privacy changes to Apple’s iOS and macroeconomic challenges such as inflation weighing on advertiser budgets.
Shares of Facebook parent Meta closed down more than 26% Thursday after the company forecasted weaker-than-expected revenue growth in the next quarter. It also said it’s taking a big hit from Apple’s privacy changes, and showed the first quarterly decline in daily active users on record.
The stock finished with its biggest one-day drop ever, ahead of the 19% plummet it saw in July 2018. Thursday’s drop shaved more than $230 billion from its market cap, bringing it to about $660 billion.
The company said Apple’s iPhone privacy changes, which impact its ad-targeting and measuring, would result in a $10 billion revenue hit this year. It also said macroeconomic challenges like inflation and supply chain disruptions, are weighing on advertiser budgets.
MacDailyNews Take: Couldn’t have happened to a more deserving societal cancer (unless it happened to Twitter).
The fact that Apple is giving people the choice to be tracked or not via App Tracking Transparency hurts Facebook et al. not only highlights the inherent flaw in the business model of these societal cancers, it makes us laugh. 🤣
All of these “social media” platforms – Twitter, Parler, Facebook – are cancers on society. They are clearly eating society from the inside out. There’s something unsavory within human nature that “digital distance” amplifies to the point of disgust.
If you quit these cancers you will quickly realize what they are and what they do. You will be happier and healthier to have excised them from your life.
We haven’t had personal Twitter or Facebook accounts for many years now. And very happily so. — MacDailyNews, January 9, 2021
Facebook is to privacy as Chernobyl is to nuclear power. — MacDailyNews, February 3, 2021
As I’ve said before, if we accept as normal and unavoidable that everything in our lives can be aggregated and sold, we lose so much more than data, we lose the freedom to be human… If a business is built on misleading users, on data exploitation, on choices that are no choices at all, it does not deserve our praise, it deserves reform… Too many are still asking the question, “how much can we get away with?” when they should be asking “what are the consequences?” – Apple CEO Tim Cook, January 2021
Zuckerberg: Yeah so if you ever need info about anyone at Harvard
Zuckerberg: Just ask
Zuckerberg: I have over 4,000 emails, pictures, addresses, SSNs
Zuckerberg: People just submitted it.
Zuckerberg: I don’t know why.
Zuckerberg: They “trust me”
Zuckerberg: Dumb fucks
(Instant messages sent by Mark Zuckerberg during Facebook’s early days, reported by Business Insider in May 2010.)
If you trust Mark Zuckerberg to be the keeper of your photos, contacts, political views, religious beliefs, etc., you’re batshit insane. — MacDailyNews, May 23, 2018
We use FaceBook as an RSS feed. Our CMS automatically reposts our article headlines and links them back to our website. That is our only interaction with Facebook and has been our only interaction with Facebook for years. We deleted our personal accounts [which we opened only so we could understand the Facebook phenomenon] many years ago.
If you want to share photos and videos with friends, text them using Apple’s end-to-end encrypted iMessage service. You need to control your social networking, not cede it to a gatekeeper like Facebook. – MacDailyNews, March 19, 2018
As we’ve said many times: Delete Facebook.
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Hey Zuck….karma be one fickle beeatch ay playa?!!
GEEEE who knew rampant censorship and stealth tracking would be your downfall….
FaceBook leadership is stupid. They blame Apple for poor results, but the real reason is obvious. FaceBook intentionally provokes hostility from a large portion of existing and potential users. Users are why advertisers buy ads on the platform. If FaceBook acted like a for-profit business, they would strive to maximize the number of users, not compel many of them to leave or avoid the platform. Over time, advertisers see less value in FaceBook because their ads are not reaching a full spectrum of potential customers, and ad revenue declines. Meta neglects their obligation to increase value for shareholders, so shareholders abandon Meta. This trend will continue until FaceBook changes its leaders and policies.
Many will deduce that Facebook ( and Google ) are being adversely affected by Apple’s quest for enhanced privacy.
The irony of this situation seems to be that tech stocks including AAPL are all taking a hit. However I feel pretty confident that AAPL will recover pretty quickly. As for the others, I neither know nor care.
Facebook Business has horrible customer support. The organic rate limiting is depressing to businesses, so instead of buying post boosts because the organic numbers are so low, they just give up on FB because it’s not worth it when only 100 people out of your 20,000 followers sees the posts. Facebook made dumb changes to their confusing META business and ad platform that made harder for businesses to advertise. Several friends in marketing who are not tech savvy but spend a lot of $$$ are locked out of their FB and INSTA accounts because they can’t seem to complete the 2FA requirements. There is NO CUSTOMER SUPPORT in time to help them for upcoming Valet’s day after repeat requests… google ad support you can call a person on the phone… let’s blame apple for FB not hiring enough staff?
🤣🤣🤣🤣🤣🤣🤣