Monday, December 5, 2022
HomeBusinessMeta shares plunged 14% this week, falling close to their pandemic low

Meta shares plunged 14% this week, falling close to their pandemic low

Date:

Related stories

The Best Way to Extract Data from Google Searches

Extracting data from Google has been in utilization for...

Growing Your Online Thrift Store With a POS System

You probably have a great online thrift store setup....

Tim Draper predicts bitcoin will reach $250,000 despite FTX collapse

Tim Draper, founder of Draper Associates, onstage at...

BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI By Cointelegraph

© Reuters Non-farm payrolls in the United States...

What Are Trading Bots and How Do They Influence Exchange?

Trading bots are programs that operate independently for predefined...


Meta Platforms CEO Mark Zuckerberg speaks at Georgetown University in Washington on Oct. 17, 2019.

Andrew Caballero-Reynolds | AFP | Getty Images

Facebook hasn’t been this cheap since the beginning of the pandemic.

After plunging 14% for the week to close at $146.29, shares of Facebook parent Meta are at their lowest point since March 2020, and for a period on Friday, they had sunk even lower. Meta has lost 61% of its value over the past 12 months, by far the biggest slide among Big Tech stocks and more than double the drop in the Nasdaq Composite.

In sliding for five straight days, Meta is now trading just 28 cents above its closing price on March 16, 2020, when the early days of Covid-19 sent U.S. stocks reeling.

If Meta falls below $146.01, it will be the lowest since January 2019. That’s when Facebook was dealing with the aftermath of the Cambridge Analytica Scandal that tested consumer confidence in the social media company and led to a series of heated congressional hearings.

Still, Facebook managed to expand its active users in the U.S. that quarter, though by just under 1 percent.

Since officially changing its name to Meta last October, the news for CEO Mark Zuckerberg and company has been almost all bad. Apple’s iOS privacy update made it more difficult for the company to target ads and the increased popularity of social media rival TikTok has drawn users and advertisers away from the app. Meanwhile, an economic slowdown has caused many companies to pull back on their online marketing spend.

In July, Meta said it was expecting a second straight period of declining sales as it reported second-quarter earnings that missed on the top and bottom lines.

WATCH: I’m not sure there’s a core business at Meta that works anymore



Source link

Bellie Brown
Bellie Brownhttps://businesstimes.org
Hi my lovely readers, I am Bellie brown editor and writer of Businesstimes.org. I write blogs on various niches such as business, technology, lifestyle., health, entertainment, etc as well as manage the daily reports of the website. I am very addicted to my work which makes me keen on reading and writing on the very latest and trending topics. One can check my more writings by visiting Cleartips.net

Latest stories