Facebook owner Meta Platforms Inc shares plunged more than 18 percent after the bell on Wednesday as the social media company missed on Wall Street earnings estimates and posted a weaker forecast.
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 $27bn to $29bn. Analysts were expecting $30.15bn, according to IBES data from Refinitiv.
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