Facebook owner Meta said it expected revenues in the first three months of this year to fall short of Wall Street expectations because of “increasing competition”, sending its shares plummeting more than 20 per cent in after-hours trading.
If the shares do not recover, it would be the worst day for the stock since the company listed its shares in 2012 with about $180bn wiped off its market value.
The company also posted an 8 per cent year-on-year drop in profits for the fourth quarter to $10.2bn, squeezed by its investment in a digital avatar-filled virtual world known as the metaverse, as well as spending at its virtual and augmented reality technology arm.
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