Meta Shares Plummet On Underwhelming Earnings, Huge Metaverse Spending
Posted on AllSides October 27th, 2022
From The Center
Shares of Meta (META) plummeted Thursday to their lowest level in six years after reporting plunging profits and downgrading its financial forecast.
Shares of the parent company of Facebook and Instagram fell more than 20% in early trading after reporting profits fell 52% to $4.39 billion for the latest quarter compared to the same period last year. Revenue also fell 4% to $27.7 billion year over year.
It's the second quarter in a row the company has reported falling revenue.
The company said the fourth quarter could be the same...
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