Why Facebook share price drop reason
Facebook first ever drop in daily users prompts Meta shares to tumble As well as Facebook, Meta owns the photo and videosharing app Instagram, the WhatsApp messaging service and the Oculus virtual reality hardware business. After a boom during the pandemic, markets have punished formerly hot tech companies including Netflix and PayPal for disappointing results. The spending dragged down quarterly profits by 8% and Zuckerberg has indicated that there is much more spending to come. The company set out a series of issues that could affect growth in the near term, including platform and regulatory changes, as well as tough comparisons to a year when online advertising was boosted by the pandemic. The move also followed a series of crises at the company, which has been blamed for promoting fake news worldwide, stoking hostilities and invading privacy. “Although the direction is clear our path ahead is not yet clearly defined,” said Zuckerberg. “Last year was about putting a stake in th...