(Reuters) – Facebook owner Meta Platforms Inc’s Frankfurt-listed shares plunged more than 20% on Thursday, following a slide on the Nasdaq as the social media company issued a dismal forecast blaming Apple’s privacy changes and increased competition.
The technology giant also reported a decline in daily active users from the previous quarter for the first time as a race with rivals like TikTok, the video sharing platform owned by China’s ByteDance, for users heats up.
Shares in the Frankfurt index were down 20.4% at 226.45 euros as of 0717 GMT in low volume.
(Reporting by Tanvi Mehta in Bengaluru; Editing by Arun Koyyur)
