Meta Shares Fell more than 22%

Business | February 3, 2022, Thursday // 09:44
Bulgaria: Meta Shares Fell more than 22% Pixabay

The shares of the American company Meta on the New York Stock Exchange fell nearly 22 percent after trading was finished on Wednesday and after posting quarterly gains with weak growth forecasts and lower net income. According to the trading platform, an hour and a half after the end of the trading session, the company's quotations on the electronic exchange NASDAQ fell by 22.35%.

Despite a 20 percent increase in revenue, net profit in the fourth quarter of 2021 fell 8 percent from the same period in 2020, when the company was still called Facebook. In addition, the company warned investors that Meta's growth in the first quarter will be affected by strong competition from new active users from other social networks. The company forecasts revenue growth in the next quarter will be from 3% to 11%.

Meta also expects significantly more spending this year, to $95 billion, up from $71.17 billion a year earlier.

Facebook was founded on February 4, 2004, by Mark Zuckerberg and three of his fellow students while studying at Harvard University. The company, based in Menlo Park, California, owns the social networks Facebook and Instagram, as well as the WhatsApp and Messenger applications.

On October 28, 2021, the company changed its name to Meta. The new name, conceived by the company, is a continuation of the chosen concept of the “metauniverse”, which will unite a whole set of not only software programs but also augmented reality devices.


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