Meta Stock ( NASDAQ:META )
According to Meta Platforms ( NASDAQ:META ), the company will discontinue a live-shopping function on Instagram within the next month . As a result, Meta stock declined.
After the 16th of March, “Unfortunately, Instagram has decided to remove the ability to tag items during live broadcasts. As a result of this shift, we’ll be better able to prioritize the development of those goods and services that our customers value the most, “the firm states.
Guests may still be invited ahead of time, and live Q&A sessions can still be held without disturbing the other live-streaming elements. Users will still have the option to open and manage stores inside the Instagram app.
Meanwhile, a leaked note purports to caution staff from celebrating Meta’s recent stock price increase. (After dropping by 65 percent in 2022, Meta stock has risen by more than 29 percent in the most recent month. As of early Wednesday, it had dropped 2.2%.
Those at Meta were informed by CMO Alex Schultz in a memo. According to Recode, company executives said they would “keep their sights on the horizon” rather than worry about the response of investors or their stock price.
Schultz is quoted as stating, “Meta is still at the mercy of Apple (AAPL),” a reference to the financial blow Facebook/Meta received due to Apple’s 2021 iOS privacy improvements that let consumers block data collecting. Meta has warned that the change may cost it $10 billion in lost revenue annually.
According to Schultz, Meta’s Ree...
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