The owner of Facebook, Meta, lost $240 billion in value in a day as users leave the site. This is more than the total value of Nike and Verizon combined. How does this impact one of the Bay Area's largest tech employers?
SAN FRANCISCO -- Bay Area tech giant Meta, the parent of Facebook, is putting a lot of virtual eggs - and billions of dollars - into the metaverse basket, and Wall Street is spooked.
At the same time, it invested more than $10 billion in its ambitious plan to transform Meta Platforms Inc. into a"metaverse company." Shares fell more than 26%, lopping off more than $230 billion of the company's market capitalization. The company also said revenue in the current quarter is likely to come in below market expectations, due in part to growing competition from TikTok and other rival platforms vying for people's attention. Sheryl Sandberg, Meta's chief operating officer, said in a conference call with analysts that global supply chain issues, labor shortages and earlier-than-usual holiday spending by advertisers put pressure on the company's advertising sales.
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Facebook Loses Daily Active Users For The First Time – Here’s Where They're GoingI am a London-based reporter for Forbes covering breaking news. Previously, I have worked as a reporter for a specialist legal publication covering big data and as a freelance journalist and policy analyst covering science, tech and health. I have a master’s degree in Biological Natural Sciences and a master’s degree in the History and Philosophy of Science from the University of Cambridge. Follow me on Twitter theroberthart or email me at rhartforbes.com
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