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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