Facebook owner Meta shares sink on earnings outlook 

Meta Platforms, the parent company of social media platforms Facebook and Instagram, said last night it was expecting current-quarter revenue below expectations, as Apple's privacy features keeps businesses from opting to advertise on social media sites.

Shares of the company fell over 18% after the closing bell.

It forecast first-quarter revenue in the range of $27bn (€23.8bn) to $29bn. Analysts were expecting $30.15bn, according to IBES data from Refinitiv.

Apple's changes to its operating software gives its users the preference to allow tracking of their activity online, making it harder for advertisers who rely on data to develop new products and know their market.

The company's total revenue, the bulk of which comes from ad sales, rose to $33.67bn in the fourth quarter from $28.07bn a year earlier, beating analysts' estimates of $33.40bn, according to IBES data from Refinitiv. 

Spotify forecast last night weaker than expected subscriber expectations for the current quarter, sending its shares down 15% in late trade.

The outlook overshadowed fourth-quarter revenue, which came in higher than analysts' estimates, as the music streaming company sold more advertisements and newer services such as podcasts, while recording a healthy 16% increase in paid subscribers for its premium service.

Total monthly active users rose 18% to a record 406 million.

The company, however, forecast current-quarter paid subscribers of 183 million, below expectations of 184 million. Revenue is expected to meet estimates of €2.6bn. 

The subscription music streaming service has invested over a $1bn in the podcasting business, led by marquee exclusive shows such as The Joe Rogan Experience.

But the allure of the podcast star also drew condemnation after his show aired controversial views around Covid-19, drawing protests from artists Neil Young and Joni Mitchell. Reuters