Why Meta Platforms Stock Was Sinking Further This Week
As of 11:19 a.m. ET on Friday, shares of Meta Platforms (NASDAQ: FB) are trading down 11.6% week to date, according to data provided by S&P Global Market Intelligence.
A few things are contributing to Meta's slide, including competition from social media rivals like Snap (NYSE: SNAP), the company behind the popular Snapchat app, and a weak digital advertising market that is affecting all social networking platforms right now.
In the fourth quarter of 2021, Snap reported revenue growth of 64% year over year, with daily active users up 20%. That is notably faster than Meta's daily active user growth of 8% in the fourth quarter.
Source Fool.com
