Meta Platforms Inc. has shared its quarterly revenue report, and as part of that document, it has been revealed that the company not only missed its earnings estimates but also that shares are down by a meaty 18%.
Reported on by Aljazeera, the reason for the drop and missed mark has been said by Meta to revolve around Apple's new privacy policy, which stops businesses from opting to advertise on social media, a result that seems to have affected Facebook and Instagram quite significantly.
These changes by Apple simply give users an opportunity to allow or stop the tracking of their online activity, which has made it more challenging for advertisers to understand and target their audience.
With all of this in mind, Meta still had a huge quarter for revenue, bringing in a forecasted number of $27-29 billion, which is down on the company's expectation of $30.15 billion.