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Technology

Facebook shares plunge as competition from TikTok bites

Asia-Pacific slowdown and ad industry changes compound social media group's woes

Shares in Facebook parent Meta Platforms plunged more than 20% in after-hours trading Feb. 2 after the company reported disappointing quarterly results.   © Reuters

PALO ALTO, U.S. -- Facebook founder Mark Zuckerberg blamed the rise of ByteDance-owned TikTok and other rivals, along with heavy investment and a changing online advertising market, for a disappointing earnings report that wiped out a fifth of his company's market value on Wednesday.

The company, which recently renamed itself Meta Platforms, reported weaker-than-expected fourth-quarter earnings as user growth slowed in the Asia-Pacific -- its largest market -- and the user base logged little growth or declines elsewhere.

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