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Facebook-owner Meta forecasts Q1 revenue below estimates -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This illustration, taken November 2, 2021 shows a 3D-printed Facebook logo Meta. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters] – Meta Platforms Inc. is the parent company for social media platforms Facebook (NASDAQ;) and Instagram. It said that current-quarter revenues were lower than Wall Street’s expectations due to privacy measures implemented by Apple Inc. (NASDAQ.) which prevents businesses from advertising on these social media sites.

After the bell, shares of the company plunged by 18%.

The company forecasts first quarter revenue between $27 billion and $29 billion. According to Refinitiv’s IBES data, analysts were anticipating $30.15 trillion.

Apple has made changes to its operating system to give its users preference for tracking their online activity. This makes it more difficult to track their activities and make it easier to market researchers who depend on this data to create new products or know the market.

Refinitiv data shows that the total revenue of the company, which includes a large portion of ad sales and $28.07 billion last year, increased to $33.67billion in the fourth quarter, surpassing analysts’ expectations of $33.40billion.

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