Meta Platforms Inc. criticized Apple Inc. for changing its App Store terms to take a portion of social-media advertising revenue, saying the iPhone maker was “undercutting others in the digital economy.”
The policy change, disclosed this week, requires users and advertisers to make an in-app purchase when they pay to “boost” posts in apps like TikTok and Meta’s Instagram. Apple takes a commission of as much as 30% on in-app purchases, meaning a company like Meta would lose a portion of its ad revenue to the iPhone maker.
Shares of Meta fell 3.4% during pre-market trading in New York on Wednesday after closing Tuesday at $137.5. The company’s stock is down 59% for the year to date.Bloomberg