KONTAN.CO.ID - MENLO PARK. Facebook owner Meta Platforms Inc shares plunged more than 18% 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 $27 billion to $29 billion. Analysts were expecting $30.15 billion, according to IBES data from Refinitiv.
Meta Shares Plunge as Facebook Owner Misses on Earnings, Forecast
KONTAN.CO.ID - MENLO PARK. Facebook owner Meta Platforms Inc shares plunged more than 18% 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 $27 billion to $29 billion. Analysts were expecting $30.15 billion, according to IBES data from Refinitiv.