The share of Meta Platforms fell sharply on Thursday at the opening in New York. The parent company of Facebook, WhatsApp and Instagram lost 24 percent of its stock market capitalization after it disappointed Wednesday quarterly figures had announced. Meta shares traded for $98.21 (EUR 97.99) at the opening of the exchange, the lowest price since 2016.
Meta saw its turnover decline for the second quarter in a row. In the period from July to September, turnover fell by 4 percent compared to a year earlier, to 27.7 billion dollars (27.5 billion euros). In the second quarter of this year, Meta saw its turnover fall for the first time in its history. According to market analysts and Meta itself, the prospects for the last quarter of this year are also not rosy and a declining turnover is expected.
Since the beginning of the year, Meta shares have fallen more than 61 percent. The company is experiencing difficulties due to competition from apps such as TikTok and declining advertising revenues. Apple’s changed privacy policy, which has limited the user data it collects and shares with other parties, is also inconvenient for Meta. For example, it can offer less personalized advertisements to users via its applications.
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