Published 1 year ago

Meta: Shares in Facebook owner dive 20% as investors lose faith

Summary by Ground News

Shares in Meta, which owns Facebook and Instagram, have plunged more than 20% after a downbeat set of results from the tech giant. It comes as investor doubts about Mark Zuckerberg's vision for the future grow, and revenues and profits decline. Meta's sales shrank by 4% in the three months ending in September to $27.7bn (£24bn), while profits halved. The fall in shares is set to wipe $78bn off the firm's market value if the losses hold until the end of Thursday.

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Times of India

Meta stock craters over bleak forecast and expensive metaverse bets

The disappointing outlook comes as Meta is contending with slowing global economic growth, competition from TikTok, privacy changes from Apple, concerns about massive spending on the metaverse and the ever-present threat of regulation.

2 years ago·India

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BBC News

Meta: Shares in Facebook owner dive 20% as investors lose faith

Shares in Meta drop more than 20% after the firm sees sharp falls in revenue and profit.

1 year ago·United Kingdom

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Reuters

Meta stock craters over bleak forecast and expensive metaverse bets

Facebook parent Meta Platforms Inc on Wednesday forecast a weak holiday quarter and significantly more costs next year, sending shares down nearly 20% as investors voiced skepticism about the company's pricey metaverse bets.

1 year ago·United Kingdom

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CBC News

Meta shares plunge 20% as investors run from Facebook's big bet on the metaverse

Shares in the company formerly known as Facebook lost more than 20 per cent of their value on Thursday morning, after the social media company posted quarterly results that showed its core business is slowing even as it's spending billions of dollars trying to become a leader in the metaverse.

1 year ago·Canada

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News24

Facebook owner Meta plunges 20% as Zuckerberg calls for 'patience'

Meta plunged more than 20% in premarket trading after CEO Mark Zuckerberg asked investors for patience with the social-media giant’s swelling investments in unproven bets.

1 year ago·South Africa

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