Consumer advocacy organizations within the European Union have recently lodged complaints against Meta Platforms Inc., alleging that the tech behemoth is engaging in unlawful data processing activities on a massive scale. These complaints specifically target Meta’s data gathering techniques, which are purported to violate the tenets of the General Data Protection Regulation (GDPR).
The consumer watchdogs contend that Meta’s “pay-or-consent” option, which allows users to access ad-free versions of Facebook and Instagram by paying a fee, is merely a facade to conceal the true issue of illicit data processing. They argue that this choice fails to elicit genuine and well-informed consent from users.
Ursula Pachl, BEUC’s Deputy Director General, lambasted Meta’s tactics, asserting that the company’s “pay-or-consent” alternative is an endeavor to legitimize its business model by rationalizing extensive commercial surveillance of users.
The grievances against Meta underscore anxieties surrounding its data collection strategies, which contribute to a “surveillance-driven advertising system” that monitors individuals online and amasses substantial quantities of personal information for advertising objectives.
These developments unfold amidst mounting scrutiny on Meta concerning privacy apprehensions and regulatory oversight. The complaints further fuel the ongoing discourse on data privacy, consent, and the lawfulness of data processing practices by major tech corporations such as Meta in the European Union.
META Stock Soars on February 29, 2024: Strong Performance and Positive Price Momentum
On February 29, 2024, META experienced a strong performance in the stock market. According to data from CNN Money, META was trading near the top of its 52-week range and above its 200-day simple moving average. This indicates that the stock has been performing well over a longer period of time.
The price of META shares saw a significant increase on this day, rising by $5.31 since the market last closed. This represents a 1.10% increase in the stock price, closing at $487.05. Investors may have been pleased with this positive price momentum, as it indicates a bullish trend for the stock.
However, it is important to note that the stock experienced a slight drop of $1.20 in after-hours trading. While this drop may be seen as a minor setback, it is not uncommon for stocks to fluctuate in after-hours trading due to lower trading volumes and different market dynamics.
Overall, the performance of META on February 29, 2024, was largely positive, with the stock showing strong price momentum and trading near its 52-week high. Investors will likely be keeping a close eye on META in the coming days to see if the stock can continue its upward trend and build on its recent gains.
META Platforms Inc. Reports Impressive Financial Results for 2023: Revenue Up 15.69%
On February 29, 2024, META Platforms Inc. reported impressive financial results for the past year and fourth quarter. The company’s total revenue for the year stood at $134.90 billion, showing a significant increase of 15.69% compared to the previous year. In the fourth quarter alone, the total revenue was $40.11 billion, marking a 17.47% increase from the previous quarter.
META’s net income also saw substantial growth, with a net income of $39.10 billion for the year, representing a remarkable 68.53% increase from the previous year. In the fourth quarter, the net income was $14.02 billion, showing a 21.01% increase from the previous quarter.
Earnings per share (EPS) for META also showed impressive growth, with an EPS of $14.87 for the year, reflecting a 73.21% increase from the previous year. In the fourth quarter, the EPS was $5.33, showing a 21.52% increase from the previous quarter.
These strong financial results reflect META’s continued success in the digital advertising market and its ability to monetize its large user base effectively. The company’s advertising revenue has been a major driver of its growth, with advertisers increasingly turning to META’s platforms to reach their target audiences.
Investors reacted positively to META’s strong performance, with the company’s stock price likely seeing a boost on February 29, 2024. The impressive revenue, net income, and EPS growth demonstrate that META is a solid investment option for those looking to capitalize on the digital advertising industry’s growth.
