Meta reported “near-term challenges on revenue” this evening, as revenues, most of which came from online ads, fell 4%.
#Tells staff focus products meta stock plus#
The stock has not only worked off the entire free-money bubble since March 2020, but also the relentless surge since the December 2018 swoon, plus a bunch more, establishing a new six-year low. Turns out, the metaverse isn’t performing, but it’s swallowing up a lot of money. With impeccable timing, the stock reached its high in September 2021, right before the company announced in October 2021 that it changed its name from stodgy Facebook to the somehow cool Meta, as in metaverse, in a bet-the-farm move. It’s the biggest name in this noble group so far, that started out in the spring of 2021 with just a bunch of crazies, SPACs, and IPOs but has been encompassing ever larger companies since then, in a sign of how the greatest stock market bubble ever started coming unglued beneath the surface in February 2021 and just keeps coming unglued. Having plunged by over 70% from the high, Meta now qualifies for, and is thereby officially inducted into my Imploded Stocks. Shares are now trading at $104.78, the lowest since February 2016, down 72% from their high in September 2021 (data via YCharts): Combined during regular trading and after-hours trading, shares have plunged 23.8%.
So now, after the mess that Big Tech and Social Media companies made during the day, Meta Platforms is making a huge mess afterhours, after it released its quarterly earnings, with its shares down 19% at the moment, after having already plunged by 5.6% during the day. Meta shares plunge 19% after hours, for a total plunge of 24% for the day: metaverse woes, online advertising, expenses.
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