April 25, 2024
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Meta shares lost $200B in value dropping 19%
Meta shares tumbled as much as 19% in extended trading on Wednesday, wiping out more than $200 billion in market cap.
That's despite the company reporting better-than-expected profit and revenue for the first quarter: revenues rose 27 per cent to $36.5B, just above analyst expectations of a rise to $36.2B.
But Mark Zuckerberg started Meta's earnings call by talking about artificial intelligence and the metaverse. Meta's Reality Labs unit, which houses the company's hardware and software for development of the metaverse, continues to bleed cash. It reported sales of $440 million for the first quarter and $3.85 billion in losses.
Meta's stock price almost tripled last year and, is now up nearly 40% this year only. All that, after a brutal 2022...
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