Latest News

Meta stock is in free fall

0

S&P 500

3,836.08

+5.48(+0.14%)

 

Dow 30

32,216.28

+377.17(+1.18%)

 

Nasdaq

10,908.02

-62.98(-0.57%)

 

Russell 2000

1,822.68

+18.35(+1.02%)

 

Crude Oil

89.63

+1.72(+1.96%)

 

Gold

1,668.20

-1.00(-0.06%)

 

Silver

19.55

+0.06(+0.33%)

 

EUR/USD

1.0006

-0.0081(-0.80%)

 

10-Yr Bond

3.9310

-0.0840(-2.09%)

 

GBP/USD

1.1602

-0.0019(-0.16%)

 

USD/JPY

145.7250

-0.6350(-0.43%)

 

BTC-USD

20,634.84

-243.82(-1.17%)

 

CMC Crypto 200

482.61

-1.78(-0.37%)

 

FTSE 100

7,077.45

+21.38(+0.30%)

 

Nikkei 225

27,345.24

-86.60(-0.32%)

 

Meta (META) shares plunged more than 22% on Thursday morning after the Facebook parent reported the prior day that its revenue declined last quarter and missed analysts’ expectations.

The bad news comes as the social media giant pushes harder into the metaverse, the 3-D virtual world that inspired the company’s leadership to change its name. Not everyone’s sold on the change, and the numbers coming out of Meta and the broader macroeconomic environment certainly don’t help.

“There is also a messaging problem here. They’re making progress versus Apple and TikTok and they’re getting hit on macro as well as metaverse,” MKM Partners Managing Director Rohit Kulkarni told Yahoo Finance Live on Thursday.

AUSTIN, TEXAS – MARCH 15: Mark Zuckerberg, via video, speaks at Into the Metaverse: Creators, Commerce and Connection during the 2022 SXSW Conference and Festivals at Austin Convention Center on March 15, 2022 in Austin, Texas. (Photo by Samantha Burkardt/Getty Images for SXSW)

Facebook’s earnings report and sinking stock mark just the latest bad news for Big Tech. The sector — even tech’s biggest names, including Alphabet and Microsoft — have been rattled by a hawkish Fed and an inflation squeeze that’s made its way to consumers.

But, in many ways, Meta still stands apart. The company changed its name only a year ago, signaling its pivot towards the metaverse and away from the social media business that built it.

Reality Labs, the division that oversees its metaverse efforts, has continued to lose money, with Meta’s recent earnings report revealing a loss of $3.7 billion last quarter compared to $2.6 billion in the same quarter a year ago.

Allie Garfinkle is a Senior Tech Reporter at Yahoo Finance. Follow her on Twitter at @agarfinks.

Click here for the latest trending stock tickers of the Yahoo Finance platform.

Read the latest financial and business news from Yahoo Finance.

Download the Yahoo Finance app for Apple or Android.

Follow Yahoo Finance on Twitter, Facebook, Instagram, LinkedIn, and YouTube.

Advertisement

There’s a rush to buy I-bonds to lock in a high yield, but there may be an even better deal next week

Previous article

‘We are facing a retirement crisis in our country,’ says head of TIAA, as ‘40% of Americans run the risk of running out of money’

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News