The quarterly results of tech companies are in.

While bigshots like Alphabet, Amazon, Apple and Microsoft kept the markets buoyant, Meta lost $230Bn in value in one day. Additionally, relatively smaller companies like PayPal and Spotify had to take a bath after a double-digit percentage drop in the market value. 

Apple’s privacy policy has had a noticeable impact on companies heavily reliant on digital advertising, especially Meta and Snap.

Tim Cook

“Apple has clearly built a unique differentiator for itself, and set a clear challenge for others in the tech industry. Responding to the company’s iOS changes has not been an easy task for tech giants, such as Meta. It requires a foundational re-orientation of its business.”

Prabhu Ram, Head-Industry Intelligence Group, CMR
Mark Zuckerberg

Meta’s executives chalked up the disastrous performance to Apple’s new privacy policy. 

“For Meta, the road ahead is tough. It’s Metaverse bet is still far away in terms of monetisation. For the immediate future, the company is over-reliant on its ad-dependent social media business for growth. This is where it will find the strong headwinds.”

Prabhu Ram, Head-Industry Intelligence Group, CMR

You might also enjoy: