Shares of Facebook parent company Meta tanked on Thursday, plunging to their lowest levels in six years amid a disappointing third quarter and projections of a similarly underwhelming fourth.
Meta shares closed at roughly $130 on Wednesday and opened Thursday at $98, with shares inching just slightly higher throughout morning trading.
The drop comes after the company’s third-quarter earnings report, released on Wednesday, showed plunging revenue and profit streams relative to the same quarter last year.
The earnings report showed the company’s revenue declining 4% year-over-year for Q3 and its “net income,” or profit, plunging 52%.
The company further predicted a decline in the next quarter as well, projecting “fourth quarter 2022 total revenue to be in the range of $30-32.5 billion,” down from $33 billion during the same quarter last year.