Meta Platforms Inc. CEO Mark Zuckerberg rallied his employees to focus on video products after they watched the stock lose a quarter of its value.
At a company-wide virtual meeting Thursday, Zuckerberg explained that the historic stock drop was a result of Meta’s weak forecast for revenue in the current quarter, according to a person who attended and was not authorized to speak about it. Zuckerberg echoed his remarks of a day earlier to investors, telling employees that the social networking giant faced an “unprecedented level of competition,” with the rise of TikTok, the short-video platform Facebook doesn’t own.