Shares of Meta Platforms (NASDAQ: META) dipped 16.7% in June, according to data from S&P Global Market Intelligence. The social media conglomerate that owns Facebook, Instagram, and WhatsApp is slowing down hiring this year and was probably affected by the broad market sell-off in technology stocks last month. There was no official news from Meta Platforms this month, but, being one of the most valuable companies in the world, there was plenty of other news to dig into.
‘This might be one of the worst downturns that we’ve seen in recent history,’ Facebook founder tells staff
Things are going from bad to worse for Meta Platforms (NASDAQ: META). The Facebook parent is coming off the slowest growth in its history, with revenue up just 7% in the first quarter, and the company said that growth will be even slower in the second quarter. Meta is facing a swirl of challenges, including Apple's crackdown on ad targeting, the rise of TikTok, tightening privacy laws in Europe, headwinds in digital advertising, and a questionable rebrand to prioritize its metaverse business, Reality Labs, which is currently a giant money pit.