Facebook is on its way to the biggest stock drop in its history, after a disappointing earnings report.
report, Meta's shares plummeted by more than 23% over the past 24 hours. This will ultimately result in Meta's market cap crashing down by $210 billion, to about $689 billion. on Wednesday evening, which revealed that the company had fallen below its projected earnings estimates for the last quarter of 2021. As a consequence, the company is forecasting another low-earning quarter in 2022.
"Next up is ads," Zuckerberg began."With Apple's iOS changes and new regulation in Europe, there's a clear trend where less data is available to deliver personalized ads." "But people still want to see relevant ads," he continued,"and businesses still want to reach the right customers. So we're rebuilding a lot of our ads infrastructure so we can continue to grow and deliver high-quality personalized ads."
As part of this restructuring process, Meta has announced that it will be increasing focus on Instagram Reels—which have been becoming increasingly popular with users' decreasing attention spans—as well as other investments that may prove profitable in the long run.
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