Are Meta’s problems a one-off or a sign of deeper troubles within the tech industry?
a time in every great bull market where the dreams of investors collide with changing facts on the ground. In the subprime boom it was the moment when mortgage default rates started to rise in 2006; in the dotcom bubble of 2000-01 it was when the dinosaurs of the telecoms sector confessed that technological disruption would destroy their profits, not increase them.
Examine the firm’s fourth-quarter results, though, and its position seems rather vulnerable and its profits somewhat less staggering. It comes across as a business with decelerating growth, a stale core product and a cost-control problem. The number of users of all of Meta’s products, which include Facebook, Instagram and WhatsApp, is barely growing. Those of the core social network fell slightly in the fourth quarter compared with the third.
So are Meta’s problems a one-off or a sign of deeper ructions within the tech industry? Strong results from Apple, Alphabet, Amazon and Microsoft in the past two weeks may lead some to conclude there is little to worry about. Apple’s pre-eminence in handsets in America and Alphabet’s command of search remain unquestionable. Yet there are grounds for doubt.
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