Facebook parent company Meta Platform’s (FB) Q4 earnings report was so disappointing that at least four Wall Street analysts downgraded the stock.
JPMorgan analyst Douglas Anmuth cut his rating to Neutral from Buy for the first time since the social media giant’s IPO in 2012.
“FB is seeing a significant slowdown in advertising growth while embarking on an expensive, uncertain, multi-year transition to the Metaverse,” wrote Anmuth and his team in a note to investors.
Meta highlighted it faces a roughly $10 billion headwind to adverting because of Apple’s privacy IOS changes, which make it more difficult for advertisers to accurately target users.
CEO Mark Zuckerberg acknowledged the competition from TikTok several times during the earnings call.
“Theories abound as to why FB called out TikTok competitive dynamics several times on the call while hardly acknowledging it publicly as a…
