Shares of Facebook parent Meta plunged more than 20% in extended trading Wednesday on an earnings miss, weak guidance and intensifying competition. $FB reported earnings of $10.3 billion, or $3.67 a share, topping the $3.88 a share it reported last year.
Shares of Facebook parent Meta Platforms Inc. plunged more than 20% in extended trading Wednesday on an earnings miss, weak guidance and intensifying competition — dragging down the stocks of other social media giants.
With Meta’s shares in freefall, other social-media stocks were badly bruised. Snap Inc.’s SNAP, -4.72% shares were down 20% in after-hours trading Wednesday, while Twitter Inc. TWTR, -4.22% and Pinterest Inc. PINS, -8.93% were each down more than 10%. Snap is scheduled to announce its results on Thursday.
“We expect growth to be negatively impacted by a few factors… First, we will lap a period in which Apple’s iOS changes were not in effect and we anticipate modestly increasing ad targeting and measurement headwinds from platform and regulatory changes,” Meta said.
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