Facebook Stock Down 23% and Going Lower!
Shares of Facebook parent Meta were down more than 23% Thursday after the company forecasted weaker-than-expected revenue growth in the next quarter. It also said it’s taking a big hit from Apple’s privacy changes, and showed the first quarterly decline in daily active users on record.
The stock is on pace for its biggest one-day drop ever, ahead of the 19% plummet it saw in July 2018. Thursday’s drop is set to shave about $210 billion from its market cap, bringing it to about $689 billion.
The company, which released earnings under its new name for the first time with a new reporting structure, missed earnings estimates for the fourth quarter at $3.67 vs. $3.84 analysts were expecting, according to Refinitiv. But it beat on revenue for the quarter, at $33.67 billion vs. $33.4 billion estimated. Source CNBC