![]() Slower Facebook growthīy comparison, Facebook had a massive base of 1.98 billion active daily users on average for September - a 3% increase from a year ago. "nvestors should remain on the sidelines as it will take many years before progress in the metaverse can be truly monetized," Angelo Zino, senior equity analyst CFRA Research, told investors in a research note. Horizon Worlds, Meta's new virtual space, trimmed its goal for monthly active users to 280,000 from 500,000, but the space is attracting fewer than 200,000, the Wall Street Journal reported earlier this month. Unlike the longer time-lines for building businesses common in Silicon Valley, Wall Street values companies based on near-term returns rather than hazier projections that stretch years into the future. Investors are skeptical because, at least so far, consumers aren't exactly flocking to the fledgling metaverse. The stocks losses have mirrored those of the tech-heavy Nasdaq 100 (US100) index, with confidence in. It expects the unit to have "significantly" wider operating losses in 2023, the company said on Wednesday. As of 2 November 2022, stock is changing hands at 92.77. ![]() For the first nine months of the year, Meta lost $9.4 billion on its metaverse unit, Reality Labs. The company is making what amounts to a wildly expensive bet on its ability to transform into a virtual reality behemoth and whether that technology can power the next phase in Meta's growth.Īlthough such strategic pivots can take years for big companies to execute - as it did for IBM and Microsoft as they morphed from selling hardware to software - the early returns for Meta have been grim. It was the largest one-day market cap slump at the time.On a Wednesday conference call to discuss Meta's latest earnings, Zuckerberg told investors he is "pretty confident this is going in a good direction." In July 2018, the company shed $119 billion in market cap in a single day after reporting slowing growth in its second-quarter earnings. Meta's 26.4% stock slump Thursday left it valued at $661.4 billion compared with its $898.5 billion market capitalization when Wall Street closed Wednesday – a loss of $237.1 billion.įacebook previously held the record for the largest one-day loss in value in US corporate history. Feb 3 (Reuters) - Mark Zuckerberg lost 29 billion in net worth on Thursday as Meta Platforms Inc's (FB.O) stock marked a record one-day plunge, while fellow billionaire Jeff Bezos was set to. Meta also reported $10 billion in operating losses from its nascent metaverse business. ![]() ![]() Its valuation slumped by nearly $240 billion as its shares fell 26.4%.Īfter markets closed on Wednesday, Meta, formerly known as Facebook, said in its fourth-quarter earnings report that Facebook's daily active user base shrank for the first time in its history. Meta on Thursday suffered the largest one-day wipeout in US corporate history after posting a shocking earnings report Wednesday. Meta posted disastrous fourth-quarter earnings after markets closed on Wednesday. It marked the largest one-day value loss in US corporate history. Meta stock slumped by 26.4% Thursday, meaning it shed nearly $240 billion in market capitalization. Meta's 26.4 stock slump Thursday left it valued at 661.4 billion compared with its 898.5 billion market capitalization when Wall Street closed Wednesday a loss of 237.1 billion. ![]()
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