Meta Platforms, Inc. (NASDAQ:FB) reported its Q4 results, with EPS of $3.67 coming in worse than the consensus estimate of $3.84. Revenue was $33.67 billion, slightly above the consensus estimate of $33.4 billion. Shares dropped 26% today afternoon.

Facebook’s Daily Active Users (DAUs) was 1.93 billion, compared to the Street estimate of 1.95 billion, while Monthly Active Users (MAUs) came in at 2.91 billion, compared to the Street estimate of 2.95 billion. Impressions rose 13% year-over-year, outpacing 6% year-over-year growth in pricing, with Reels acting as the largest contributor to engagement growth/monetization drag.

Analysts at Oppenheimer lowered their price target on the company’s shares to $375 from $405 following the disappointing results, highlighting the fact that the IDFA workaround (IDFA still hurting demand/monetization, with $10 billion expected iOS impact in 2022 or 8% drag) is taking longer than expected, combined with a strategic push of engagement to Reels —to combat TikTok—albeit at lower monetization and FX headwinds.