- by theguardian
- 21 Sep 2023
The sell-off began during overnight trading after a downbeat results presentation, and continued when markets reopened on Thursday. It was one of the most dramatic devaluations Wall Street has seen since investor confidence in Silicon Valley stocks began to crumble at the start of the year.
Amid growing competition from TikTok, Meta is also suffering from a slowdown in advertising spend.
Meta hinted at job cuts, after first announcing a staff hiring freeze and potential restructuring in September.
Meta has also forecast a drop in revenue for the year, its first since it floated on the stock market in 2012.
Its third-quarter losses indicated Meta had focused too intently on new ventures, said Debra Aho Williamson, an analyst with Insider Intelligence.
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