It's been a bloody week for Big Tech, with disappointing quarterly reports from Meta Platforms Inc., Alphabet Inc. and Microsoft Corp. erasing billions of dollars in market capitalization.posted its second consecutive quarterly revenue decline and a 52% drop in earnings
That drop shaved more than $80 billion off of Meta's market cap and may drop it out of the ranks of the 20 most valuable U.S. companies. It was No. 13 on that list as of Wednesday's closing price. Wedbush Securities analyst Daniel Ives wrote on Thursday that this week"will go down in the history books of earnings season as one of Big Tech's worst and ultimately could be a 'fork in the road moment' for the stalwarts looking ahead."
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Meta Shares Plummet 20% In Pre-Market After Q3 Revenue DeclineMeta’s Reality Labs division, which is leading its metaverse push, reported cumulative losses of $9.4 billion in 2022. Nobody cares about this platform. Only used by far right extremists.
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