META LOSES 25% OF ITS VALUE IN SINGLE DAY, LOSING 89 BILLION DOLLARS

  • 29/10/2022

More than 89 billion dollars evaporated from the market value of Meta, the parent company that owns the social network "Facebook" and other applications, so that the company has lost a quarter of its market value within one day, that is, during Thursday's trading only.

The American Wall Street markets were closed in New York after the “meta” stock had fallen by 25%, as a result of investors and shareholders rushing to sell in the wake of the company's announcement of a decline in its financial revenues, which gave the impression that its coming days will be more difficult than the current and worse. .

Meta shares fell after the company joined a handful of other big tech companies in warning of an economic slowdown hurting its business, as brands spend less on marketing.

A report published by the British newspaper "Financial Times" on its website, and seen by "Al Arabiya.net", stated that "in addition to broader macroeconomic problems, Meta is facing a set of challenges, including increasing competition on its Instagram platform from Competitors such as the short video app Tik Tok, and difficulties in targeting and measuring ads due to Apple's privacy policy changes affecting iPhone users."

Meta said late Wednesday that it expects revenue in the current quarter to be between $30 billion and $32.5 billion, compared to analysts' expectations of $32.2 billion.

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