Investors gave Meta CEO Mark Zuckerberg’s grandiose plans to create a metaverse, a digital world accessible through virtual reality, a big vote of disapproval on Wednesday.
Shares in the company formerly known as Facebook tanked 23% in after-hours trading on Wednesday to $249.15 after the social media giant reported tepid quarterly results. The huge drop shaved nearly $200 billion in market value from Meta, sending its total market capitalization from $900 billion tumbling to around $700 billion.
The company’s fourth-quarter profits of $3.67 per share fell short of the $3.85 that analysts had expected. Revenues of $33.67 billion were roughly in line with Wall Street’s forecasts.
Meta’s 1.93 billion daily active users in its fourth quarter, missed analyst expectations of 1.95 billion. That figure was also slightly less than the number of daily users it recorded the previous quarter,…
