Facebook (Meta Platforms) tumbled by 26% and Twitter tumbled over 5% post Facebook results due to announcement that Facebook Ads revenue will be impacted Apple IOS changes.
As part of future guidance, Facebook announced that future revenue will be impacted by Apple devices related IOS operating system changes.
If Facebook wants to read previous browsing history it will prompt user whether the person is willing to share browsing history with Facebook or whatever the App he is browsing.
Then there will be high tendency for the user to press "No".
Actually most relevant ads will be served using previous browsing history.
So stock like Meta Platforms (Facebook) tumbled over 26%.
Snap tumbled over 23%.
Twitter and Netflix tumbled over 5%.
Couple of stock may rebound over 2% in today's trade.
Actually the news is not so big for Facebook stock to correct by 26% in our view.
Snap significantly rebounded and covered total losses made yesterday after trading hours as it has posted better quarterly results than street expectations.