(Reuters) – Meta Platforms Inc, the parent company of social media platforms Facebook and Instagram, said on Wednesday it was expecting current-quarter revenue below Wall Street expectations, as Apple Inc’s privacy features keeps businesses from opting to advertise on social media sites.
Shares of the company fell over 18% after the bell.
Apple’s changes to its operating software gives its users the preference to allow tracking of their activity online, making it harder for advertisers who rely on data to develop new products and know their market.
The company’s total revenue, the bulk of which comes from ad sales, rose to $33.67 billion in the fourth quarter from $28.07 billion a year earlier, beating analysts’ estimates of $33.40 billion, according to IBES data from Refinitiv.
(Reporting by Nivedita Balu in Bengaluru; Editing by Anil D’Silva)