Golden Recursion Inc. logoGolden Recursion Inc. logo
Advanced Search
Meta stocks fell

Meta stocks fell

Meta Platforms, the company formerly known as Facebook, just had its worst trading day in its history as a public company.

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.

Timeline

Patents

Further Resources

Title
Author
Link
Type
Date
Golden logo
By using this site, you agree to our Terms & Conditions.