Late Wednesday, Meta reported a rare drop in profits, driven by spending on its vision for a so-called metaverse while simultaneously confronting advertising challenges on its existing services.
The company’s shares plummeted in after-hours trading and are continuing their steep drop on Thursday.
By mid-morning, the stock was down nearly 25%, making it the worst performer in the S&P 500 and the Nasdaq Composite. It’s shaping up to be the stock’s worst day since it started to trade publicly in 2012.
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Zuckerberg’s Meta, formerly Facebook, faces historic drop as stock tanks https://t.co/8TgVRh3HA3
— The Globe and Mail (@globeandmail) February 3, 2022