Facebook hit 2.91 billion monthly active users last quarter, up 6% from the year earlier, and reported mixed financial results and an outlook below expectations.
The company acknowledged a hit from Appl’s new iOS privacy feature that allows iPhone users to opt out of receiving targeted advertising. Specifically it requires app users to actively opt-in to being tracked across other apps and websites, which helps advertisers deliver more targeted adds. The change introduced last summer has thrown the digital ad market for a loop, with Snap the first out last week to report a bigger-than-expected hit in its quarterly results.
Facebook has been rebranding itself through its focus on VR and AR as a so-called “Metaverse” company with stories out recently that it plans to change its corporate name to reflect that. No word on that or on the negative press of late that’s been roiling the company. Zuckerberg is holding a conference call with investors at 5 pm ET.
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