Facebook parent Meta stands to shed more than $200 billion in market value after rough earnings report

Shares of Facebook parent Meta Platforms Inc. plunged more than 20% in extended trading Wednesday after detailing a holiday-earnings miss, weak guidance and intensifying competition.

Meta
FB,
+1.25%
shares declined more than 22% in the extended session, which would wipe away more than $200 billion in market cap were the declines to hold through Thursday’s trading session. With Meta’s shares in freefall, other social-media stocks were badly bruised — Snap Inc.’s
SNAP,
-4.72%
shares were down 20% in after-hours trading Wednesday, while Twitter Inc.
TWTR,
-4.22%
and Pinterest Inc.
PINS,
-8.93%
were each down more than 10%. Snap is scheduled to announce its results on Thursday.