OPINION: A worrisome forecast from Meta CFO David Wehner is nothing new. But this time he might be right, writes columnist tpoletti.
Chief Financial Officer David Wehner has warned of impending financial doom at Facebook so many times that this column has dubbed him “the Chicken Little of Silicon Valley.”Meta Platforms Inc. shares FB, -0.28% plunged nearly 23% in Wednesday’s extended session after another warning from Wehner, who has overshadowed strong results for years with concerns about slowing growth that never really arrived.
Internet companies have been concerned about the impact of Apple’s changes to iOS for more than a year, from Snap Inc. SNAP, +58.82% to Pinterest Inc. PINS, +11.18% to Facebook. The changes let consumers opt out of sharing their data or having it tracked by third parties like these companies, putting only Apple — which has its own growing advertising business — in charge of that juicy data.
“The experience we have for monetizing Stories is directly applicable, we’re not starting from scratch,” she said. “Overall engagement will grow as a part of this and that’s why we’re optimistic about the future, but there’s a lot of work to do here.”
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