ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter

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.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more