Facebook’s global growth slows amid push into the metaverse
Meta’s stock price plummeted more than 20 percent in after-hours trading following the news, dropping to about $249 per share and threatening to wipe about $200 billion off its market value. The company is facing challenges on multiple fronts, as competitor TikTok booms, federal and international regulators scrutinize its business practices, and it begins a lofty transition to focus on the “Meta’s stock price tumbled more than 20% on Feb.
Its newest ambition is off to a slow start, at least by one key metric. Facebook showed for the first time on Wednesday how much of a money-losing proposition its investment in virtual- and augmented-reality hardware is — the suite of products the company dubs the metaverse.
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