Meta Platforms, the company formerly known as Facebook, is on pace for what would be the worst trading day in its history as a public company.
The company's shares were down as much as 26 per cent as of midday Thursday in the US (early Friday morning AEDT), shaving off about US$225 billion ($315.24 million) from its market value, after a rough earnings report released after trading hours on Wednesday.
Not only did Meta report a rare and worse-than-expected profit decline during the final three months of last year, it laid out a series of challenges to its core advertising business and revealed for the first time just how much money it's losing on its shift to the metaverse.
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