NEW YORK, July 28 — Stiff competition from TikTok and Apple Inc’s privacy changes will remain a cause for concern for Facebook-owner Meta Platforms Inc in the near term, Wall...
NEW YORK, July 28 — Stiff competition from TikTok and Apple Inc’s privacy changes will remain a cause for concern for Facebook-owner Meta Platforms Inc in the near term, Wall Street analysts said.
Shares of the company, which also owns Whatsapp, were trading at US$161.65 before the bell, adding to its year-to-date losses of 50 per cent. Reels, a short video product Meta is increasingly inserting into users’ feeds to compete with TikTok, cannibalises more profitable content and will be a headwind in the short term before eventually boosting income, company executives said.
Also weighing on Meta’s shares was the US Federal Trade Commission seeking a court order to block the company from buying virtual reality content maker Within Unlimited.
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