Why Meta Platforms Stock Crashed on Thursday
Shares of Meta Platforms (NASDAQ: META) took it on the chin Thursday, slumping by as much as 8.7%. As of 1:32 p.m. ET, the stock was down 6.3%.
The catalyst that sent the social media giant lower was the company's second-quarter financial report, and the results weren't pretty.
Meta generated revenue of $28.8 billion, down 1% year over year and the first such decline in its history. The company cited currency headwinds caused by a strong dollar. On a constant currency basis, revenue would have grown 3%. There was a bright spot, however, as sales were up sequentially. Operating expenses jumped 22% year over year to $20.4 billion, weighing heavily on the bottom line, as diluted earnings per share (EPS) of $2.46 sank 32%.
Source Fool.com
