Meta shares sink 20% as Facebook loses daily users for the first time

FILE PHOTO: A 3D printed Facebook's new rebrand logo Meta is placed on laptop keyboard in this illustration taken on November 2, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) - Facebook owner Meta Platforms Inc's shares plunged more than 20% late on Wednesday after the social media company posted a weaker-than-expected forecast, blaming Apple's privacy changes and increased competition for users from rivals like TikTok.

Facebook’s global daily active users declined from the previous quarter for the first time, to 1.929 billion from 1.930 billion.