During Meta’s annual financial results announcement this month, Zuckerberg outlined plans to bring Meta’s costs under control, saying it would be a “year of performance” for the social media group, which owns Facebook, Instagram and WhatsApp. Meta’s revenue was hit by privacy changes made by Apple in 2021 that limited its ability to track users’ Internet activity. It’s a key source of data for targeted ads, which is also the company’s most profitable arm of business. Meta announced last February that Apple’s shift would cost it more than $10 billion in lost ad revenue for 2022, about 8% of total revenue in 2021.
The company’s stock price has fallen over the past year as the economic slowdown has prompted marketers to cut spending on its apps. Increased competition from companies such as TikTok has further eroded revenue for the parent company of Facebook and Instagram.
