Where Will Meta Platforms Be In 1 Year?
Meta Platforms' (NASDAQ: META) stock price sank 20% to its lowest levels in nearly seven years after it posted its third-quarter earnings report. The social media giant's revenue fell 4% year over year to $27.7 billion, which cleared analysts' estimates by $310 million but marked its second consecutive quarter of declining revenue. Its net income plunged 52% to $4.4 billion, or $1.64 per share, which broadly missed the consensus forecast by $0.22.
Meta's dismal results weren't surprising, since Snap (NYSE: SNAP) and Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) had also recently posted soft ad sales growth in their latest quarters. Meta's investments in its virtual reality (VR) devices and short video content had also been expected to squeeze its operating margins and throttle its earnings growth.
Image source: Meta Platforms.
Source Fool.com
