Today is earnings report day for Facebook, one of the most influential and omnipresent companies in the world. With the legal hot water that the social media company has found itself in, and with the increased social backlash in recent months, there was a bit of extra attention as it revealed its financial performance over the last quarter. After announcing that it missed expectations, Facebook also revealed low revenue guidance for Q4 2021, directly naming Apple as a leading cause of struggles.
Facebook’s Q4 2021 revenue guidance was shared as a part of its Q3 2021 earnings report, which came out on October 25, 2021. In the report, Facebook shares that it’s lowering its financial expectation for the upcoming quarter.
Facebook states that it’s experiencing “continued headwinds” from Apple. Earlier this year, Apple released iOS 14, which featured App Tracking Transparency, a feature that gave users the option to opt out of having their behavior tracked by apps when signing in. This hurt a lot of Facebook’s business, as the company makes a good deal of money from advertisement. Speaking of Apple, it was only hours ago that the tech company threatened to pull Facebook and Instagram from the App Store over posts about slavery.
As we continue to keep up with the latest stories in the business and financial worlds, stick with us here on Shacknews.