TELETRADER News
10/27/2022, 1:28 PM
(Source: TeleTrader)
Meta falls 22% premarket after downbeat earnings
Meta Platforms Inc.'s shares plunged over 22% in premarket trade on Thursday after the company released third-quarter earnings yesterday.
The latest numbers seemingly failed to live up to investors' expectations after revenue, income from operations, diluted earnings per share and net income dropped 4%, 46%, 49% and 52%, respectively, while CEO Mark Zuckerberg pointed to "near-term challenges on revenue."
Meta's stock was down 22.20% at 7:27 am ET. If the premarket losses hold up at the open, the company's shares could be landing at the lowest level since 2016.