- BuzzFeed Inc (NASDAQ:BZFD) CEO Jonah Peretti disclosed during its earnings call that he continued to see audiences spending less time on Meta Platforms Inc's (NASDAQ:FB) Facebook, CNBC reports.
- Peretti admitted that Facebook accounted for most of its audience traffic to its shopping content. However, the shift in audience time away from the app has disproportionately impacted its commerce revenues. Peretti saw the trend to continue.
- Meta recently reported a decline of 0.5 million Facebook daily active users marking its first-ever quarterly decline indicating a global saturation.
- Facebook launched Reels to compete with TikTok's short-form video clips and its own Instagram.
- Separately, Meta's data center plans also face resistance in the Netherlands.
- Leefbaar Zeewolde led an election campaign to block Meta's plan to build a large data center in Zeewolde, Netherlands, Bloomberg reports. The party won the majority of seats in the municipality last week.
- The party already won the vote of the Dutch upper house of parliament in opposing Meta.
- Meta previously touted the new data center as the country's most extensive, would create hundreds of jobs, and run entirely on renewable energy.
- Meta is already reeling under the pressure of employees burdened with underwater stock options looking to exit following its plunging stock prices.
- Price Action: FB shares traded higher by 2.16% at $216.06 on the last check Tuesday.
