A Change by Apple Is Tormenting Internet Companies, Especially Meta
The New York Times
Meta’s stock prices plunged after the company reported that Apple’s privacy features would cost it billions this year. It’s not the only tech giant to take a hit.
Apple’s vision of a more private web is not necessarily a more profitable one for internet companies that depend on advertising revenue.
That lesson was clear on Wednesday in an earnings report from Meta, the company that Mark Zuckerberg founded as Facebook. Meta said that privacy features introduced by Apple last year could cost Mr. Zuckerberg’s company $10 billion in lost sales this year.
The news, along with increased spending as Meta tries to focus on the new idea of a metaverse, dropped Meta’s stock price more than 26 percent on Thursday morning. Mr. Zuckerberg said Wednesday that Apple’s changes and new privacy regulations in Europe represented “a clear trend where less data is available to deliver personalized ads.”
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