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Internet marketing sluggishness, competitors from TikTok, and growing skepticism concerning the Metaverse led to a disappointing third-quarter earnings report Oct. 26 for Meta (META) .
Shares closed Oct. 27 at $97.94, the bottom closing worth for the inventory since 2016. It was down 24.6% for the day. For the yr, Meta shares are down an astonishing 61%.
That is on the heels of a continuing stream of losses in internet value for Meta CEO Mark Zuckerberg since a excessive of $142 billion in September 2021. That worth shrunk to $37.7 billion in keeping with new Oct. 27 information from Bloomberg Billionaires Index. That is a loss in internet value for Meta CEO Mark Zuckerberg of greater than $100 billion in 13 months.
Twitter Customers Have Opinions
Twitter consumer @unusual_whales posted the information and the feedback got here roaring in.
“$100 billion right here, $100 billion there, fairly quickly you are speaking about actual cash,” chirped @Smartnership.
“He had a worse week than Kanye,” famous @barryho55648905.
“In the event you purchased $META final yr on 10/27/2021 and also you held until right now you’d’ve misplaced 67%. Now inform me why ought to I belief purchase and maintain. Additionally money yield is 2.52%,” calculated @FibRetracer.
“Hey, a minimum of I can say I by no means misplaced that a lot cash,” boasted @TimTimTim737.
Within the earnings name, Meta had reported third-quarter income of $27.7 billion for its second quarterly drop in a row.
Worse, Meta signaled a dark outlook for the fourth quarter, projecting $30 billion to $32.5 billion in income. Wall Avenue was anticipating This autumn income within the excessive finish of that vary so the projected flooring scared traders off.
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