Shares for Meta, Facebook's parent company were down roughly 20% in after-hours trading today in response to weak earnings and growth forecasts.
Facebook's ad model makes it uniquely vulnerable to privacy changes made by competitors like Apple.In a statement, the company said revenue growth for the first quarter could be as low as 3%. It said it expects its year-over-year growth in the first quarter "to be impacted by headwinds to both impression and price growth."
It expects "continued headwinds" from increased competition for people's time and "a shift of engagement" within its apps towards video products like Reels, which are harder to monetize compared to other video products in the News Feed and in Stories It also anticipates modest headwinds from "platform and regulatory changes," like the changes to Apple's app tracking privacy features.The company for the first time broke out numbers for its AR/VR segment called "Reality Labs," which includes augmented and virtual reality related consumer hardware, software and content.The company warned last year that investments in Facebook Reality Labs would reduce its overall operating profit by roughly $10 billion in 2021.
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