Meta shares sink 20% as Facebook loses daily users for the first time
Feb 2 (Reuters) – Facebook owner Meta Platforms Inc’s (FB.O) shares plunged more than 20% late on Wednesday after the social media company posted a weaker-than-expected forecast
The after-hours slump in Meta shares vaporized $200 billion of its market value, while peers Twitter Inc (TWTR.N), Snap Inc (SNAP.N) and Pinterest Inc (PINS.N)lost another $15 billion in value. read more
Meta Platforms’ weak forecast sparks meltdown of social media stocks
Feb 2 (Reuters) – Facebook owner Meta Platforms Inc’s (FB.O) quarterly earnings miss and poor forecast on Wednesday ignited a meltdown in social media stocks and threatened to smother a recent recovery from a Wall Street tech selloff.
Meta tumbled 21% following its quarterly report after the bell, erasing about $200 billion worth of its stock market value. A decline of this size in Thursday’s session would mark the company’s worst one-day loss since its Wall Street debut in 2012.
The owner of Facebook and Instagram said it was expecting current-quarter revenue between $27 billion and $29 billion, missing the consensus analyst estimate of about $30 billion. read more
Twitter Inc (TWTR.N) and Pinterest Inc (PINS.N) each tumbled about 10%, zapping over $4 billion in market capitalization. Snap Inc (SNAP.N) slumped 18%, losing $9 billion in stock market value.
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Author: H. A. Goodman