Facebook’s parent company, Meta, just had its stock fall 24.5% today, as the company’s quarterly revenue fell 4% year over year, and the revenue fell for the second straight quarter. The profit was hit even harder, falling 52% to $4.4 billion. Meta also warned that the fourth quarter predictions were similar, which creates a weaker-than-expected outlook. Meta’s CEO, Mark Zuckerberg, has repeated his commitment to the Metaverse, and Meta’s Realitly Labs Unit, which is responsible for creating the VR and AR technology, has lost $9.4 billion so far this year. Meta’s stock has fallen 61% this year!
Source: https://www.cnbc.com/2022/10/27/meta-stock-falls-23percent-on-earnings-miss-analyst-downgrades.html
