Wall Street analysts are questioning the future viability of Facebook’s business model amid a wider economic slump that has hit the social network hard.
The slump in Facebook shares, which was followed by a hiring freeze at the company, has some questioning whether the tech giant can ever recover.“I’m not sure there’s a core business that works anymore at Facebook,” said Laura Martin of Needham, the only analyst among the 45 tracked by FactSet with a sell rating on the stock.
The Wall Street problem for Facebook is that it’s no longer a growth story. Up until this year, that’s the only thing it’s known. The company’s slowest year for revenue growth was the pandemic year of 2020, when it still expanded 22%. Analysts this year are predicting a revenue drop.
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