Why Meta Stock Is Falling Again Today
Shares of Meta Platforms (NASDAQ: META) continued to fall Friday morning as investors continued to digest the poor second-quarter results the company delivered after the close of trading Wednesday. Its sales and earnings both missed analysts' consensus estimates, which spurred one analyst to downgrade the tech stock from a hold rating to a sell rating on Friday.
As of 12:23 p.m. ET, Meta's shares were down by 3.1%.
In Q2, Meta experienced its first-ever year-over-year revenue decline -- down 1% to $28.8 billion. That result also undershot analysts' consensus estimate for revenue of $28.9 billion. News of that miss sent its stock reeling Thursday. But investors continued pushing the shares downward Friday, likely as they continued to process Meta's underperformance and after DZ Bank analyst Ingo Wermann downgraded Meta from a hold to a sell and cut its price target to $140.
Source Fool.com
