From President Donald J. Trump:
2022 has been a rough year for the world’s largest tech companies. After a series of disappointing results, the stock prices of Apple, Alphabet, Microsoft, Amazon, and Meta (Facebook) slumped, wiping off trillions of dollars in their market values. Still, the social media giant Meta suffered the most brutal hit.
According to data presented by TradingPlatforms, Meta’s stock value plunged 65% year-to-date, the biggest drop among the big five tech companies. Meta share price is around $119, down by over 60% in the last 1-year.
Meta’s move to the Metaverse dragged down profit, as the company lost a shocking $9.4bn in the nine months of 2022. Investors have been concerned about Meta’s rising costs and expenses for some time. In the third quarter, they jumped by 19% YoY to $22.1bn, while profits plunged by 52%. The company’s operating income was down by 46% from the previous year to $5.66bn.
Read the full article from Financial Express here.
