10/27/2022, 1:28 PM (Source: TeleTrader)
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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.

Baha Breaking News (BBN) / MS