On the stock exchange in New York, the share of Facebook parent Meta Platforms fell by 23 percent on Wednesday in the so-called after-market trading. Such a sharp fall is unprecedented for the company, which has appreciated every year since its IPO in 2012, with one exception.
Meta’s share price plunge came after the company announced that advertising revenues are expected to decline for the foreseeable future as businesses increasingly suffer from persistently high inflation and supply chain disruptions. Meta expects revenue between $27 billion and $29 billion for the first quarter. That would mean a growth of between 3 and 11 percent, much lower than what experts generally expected.
Share Facebook mother Meta plummets by 23 percent
Source link Share Facebook mother Meta plummets by 23 percent