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New York (CNN Business)Meta Platforms, the company formerly known as Facebook, just had its worst trading day in its history as a public company.
The company's shares closed down more than 26% Thursday, shaving off nearly $240 billion from its market value, after a rough earnings report released after trading hours on Wednesday.
Not only did Meta (FB) 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. The company also reported a slight-but-striking decline in daily active Facebook users in the United States and Canada from the prior quarter.
The eye-popping drop in value is a reminder of just how massive the tech giant really is. Meta's market cap has now declined by an amount that is greater than the total valuation of most public companies.
