Meta Platforms issued a gloomy forecast after recording its first ever quarterly drop in revenue, with recession fears and competitive pressures weighing on its digital ads sales.
Shares of social media firms fell sharply on Friday as Twitter joined the Snapchat owner in signalling a cutback in digital ad spend as economic growth sputters.
The heady, decades-long era of rapid sales gains, boundless jobs growth and ever-soaring share prices is coming to an end.
Megacap US technology stocks are sinking again along with hopes that this year’s selloff had reached the point of exhaustion.
Twitter, in one of its last earnings reports before Elon Musk takes the company private, reported revenue that missed analysts’ estimates.
Shares of Snap plummeted 25% on Thursday after it said privacy changes implemented by Apple hurt the company’s ability to target digital advertising.
Users of Facebook’s WhatsApp instant messaging platform can now send disappearing photos and videos on its platform starting this week, as it looks to better compete with Snapchat.
Twitter is building a subscription product as a way to ease its dependence on advertising – a plan that has taken on a heightened priority given the pandemic and pressure from activist investors to accelerate growth.
Twitter is expanding its version of Stories, a product that lets users post photos and videos that disappear after 24 hours, in an effort to encourage more sharing.
Facebook’s WhatsApp will roll out disappearing messages to users this month, which will delete posts in a chat after seven days, mirroring rival platforms such as Signal.