What happened was that the actions of Meta (Facebook) plummets 25% on Wall Street after disappointing results, in a historic drop that represents almost $200 billion in capitalization of Mark Zuckerberg’s group.
Meta’s revenue forecast for the first quarter is between $27 billion and $29 billion, lower than the $30.15 billion expected by analysts, according to IBES data from Refinitive.
The share of Meta Platforms, Facebook’s parent company, lost 25.8% to settle at 239.56 dollars, dragging heavily on the Nasdaq index, which fell 2.3%. This day companies like Twitter Inc and Pinterest Inc yielded more than 6%, while Snapchat lost 18.8%.
For its part, Alphabet Inc. and Microsoft Corp. lost between 0.5% and 1%respectively, while Amazon.com Inc., which is due to report results later in the day, fell 6.3%.
“This is shaking investors’ resolve around the recent relief rally we saw in tech,” said Robert Pavlik of SlateStone Wealth LLC in New York. “There’s also a bigger problem, and that’s higher interest rates and inflation.”
Source: Ambito
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