Meta Platforms Stock Plunges After Former Facebook Misses Q4 Forecast

deadline.com:

Shares in Meta Platforms, the tech giant formerly known as Facebook, plunged in after-hours trading after the company missed Wall Street forecasts for earnings in the fourth quarter.The stock, which has already been under pressure, dropped 19% soon after the numbers hit, with the decline soon surpassing 21% to shave $190 billion from the company’s market value.

It gained more than 1% during the regular session today to close at $323 a share, on heavier-than-average trading volume.Earnings per share of $3.67 on a diluted basis fell short of the consensus estimate of $3.85 and slid 5% from the same period a year ago.

Revenue of $33.67 billion climbed 20% year-over-year and matched Street views.The average number of people using one of the company’s apps — among them Facebook, Instagram, WhatsApp and Messenger — gained 8% over the year-ago frame to 2.82 billion.

Facebook’s daily active user base on its own averaged 1.93 billion in December 2021, an increase of 5%.The company formally changed its name from Facebook to Meta late last year, signaling a strategic shift from social media to the metaverse.