https://sputnikglobe.com/20220203/meta-to-lose-200bln-in-market-value-drags-wall-street-down-1092727392.html
Meta on Track to Lose $200 Billion in Value After Shares Plunge 25%
Meta on Track to Lose $200 Billion in Value After Shares Plunge 25%
Sputnik International
NEW YORK CITY (Sputnik) - Stocks on Wall Street sank on Thursday, with the parent company of Facebook staring at a loss of some $200 billion in market value... 03.02.2022, Sputnik International
2022-02-03T17:35+0000
2022-02-03T17:35+0000
2022-02-03T17:46+0000
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us
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Trading in Facebook parent Meta Platforms was down $78.51, or 24%, to $244.49 per share by 11:00 a.m. ET (16:00 GMT) after the company fell short of profit expectations in the final quarter of 2021. The owner of the social media giant earned $10.29 billion, or $3.67 per share, on a revenue of $33.67 billion in the last three months of 2021. Analysts, on average, were expecting earnings of $3.85 per share on a revenue of $33.36 billion.Meta’s share price drop occurred in Wednesday’s after-hours trade, right after it reported its fourth-quarter earnings following the close of regular market trading. Meta’s market capitalization stood $681.86 billion at Wednesday’s close. If its price drop is not reversed, or alleviated at least, by holding Thursday’s close, Facebook’s value could plunge by $210 billion.Wall Street was also pulled down by Meta, with all three major US equity indices — the Nasdaq Composite, the S&P 500 and the Dow Jones Industrial Average — opening in the red and deepening losses from there. Nasdaq took the worst hit among the three, falling 2%, as it reflected the losses in Facebook, one of its main components.Nasdaq had just steadied in the last two weeks, after four weeks of non-stop losses that wiped out more than 10% in a broader market correction triggered by concerns about impending rate hikes by the Federal Reserve. The US central bank slashed lending rates to almost zero after the outbreak of the coronavirus crisis in March 2020 but says it now has to raise them to control inflation ramping at 40-year highs.
https://sputnikglobe.com/20220121/meta-deletes-134-accounts-on-instagram-facebook-over-targeting-scots-with-pro-independence-memes-1092426654.html
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Meta on Track to Lose $200 Billion in Value After Shares Plunge 25%
17:35 GMT 03.02.2022 (Updated: 17:46 GMT 03.02.2022) NEW YORK CITY (Sputnik) - Stocks on Wall Street sank on Thursday, with the parent company of Facebook staring at a loss of some $200 billion in market value after its shares plunged more than 20% due to investor dismay over the tech giant's earnings.
Trading in Facebook parent Meta Platforms was down $78.51, or 24%, to $244.49 per share by 11:00 a.m. ET (16:00 GMT) after the company fell short of profit expectations in the final quarter of 2021. The owner of the social media giant earned $10.29 billion, or $3.67 per share, on a revenue of $33.67 billion in the last three months of 2021. Analysts, on average, were expecting earnings of $3.85 per share on a revenue of $33.36 billion.
Meta’s share price drop occurred in Wednesday’s after-hours trade, right after it reported its fourth-quarter earnings following the close of regular market trading. Meta’s market capitalization stood $681.86 billion at Wednesday’s close. If its price drop is not reversed, or alleviated at least, by holding Thursday’s close, Facebook’s value could plunge by $210 billion.
21 January 2022, 12:44 GMT
Wall Street was also pulled down by Meta, with all three major US equity indices — the Nasdaq Composite, the S&P 500 and the Dow Jones Industrial Average — opening in the red and deepening losses from there. Nasdaq took the worst hit among the three, falling 2%, as it reflected the losses in Facebook, one of its main components.
Nasdaq had just steadied in the last two weeks, after four weeks of non-stop losses that wiped out more than 10% in a broader market correction triggered by concerns about impending rate hikes by the Federal Reserve. The US central bank slashed lending rates to almost zero after the outbreak of the coronavirus crisis in March 2020 but says it now has to raise them to control inflation ramping at 40-year highs.
