Meta Stock Plunges After Earnings Miss, Warns “Macroeconomic Challenges” to Impact Ad Biz

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The company formerly known as Facebook reported record revenues and users, but warned of choppiness as it shifts to the metaverse.

, delivered record fourth quarter revenues of $33.7 billion, and annual revenues of $118 billion on Wednesday. But it missed Wall Street expectations, sending the stock plunging nearly 20 percent after hours.

Even as its daily active users rose by 5 percent to 1.93 billion year over year, that growth was the slowest in recent memory, and the company warned that the rest of the year is shaping up to be a choppy one as it deals with “macroeconomic challenges” and continues its long-term strategic shift “towards building the metaverse,” per CEO Mark Zuckerberg.

Meta CFO David Wehner warned that its business would be impacted on both the impressions and the pricing side. “We expect continued headwinds from both increased competition for people’s time and a shift of engagement within our apps towards video surfaces like Reels, which monetize at lower rates than Feed and Stories,” Wehner wrote.changes and foreign currency fluctuations will impact revenue.

 

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Looks like the name change was a distraction. Perhaps the equivalent of adding .com to a company name 20 or more yrs ago.

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Meta shares slide more than 20% on earnings miss, weak guidanceShares of Facebook parent Meta plunged more than 20% in extended trading Wednesday on an earnings miss, weak guidance and intensifying competition. $FB reported earnings of $10.3 billion, or $3.67 a share, topping the $3.88 a share it reported last year. look like crap... time to go outside and enjoy some nature for real... tech is down again ...lol Stop shorting by hedgefunds This is a crash that is going to happen this month.. media tell to truth advise your listeners massive bankruptcy will take place in the coming weeks
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