![]() ![]() The performance underscores how Meta, which rebranded last year as part of a push toward the metaverse, remains reliant on digital advertising on the Facebook social network and its photo service Instagram. Facebook also reported a decrease of roughly 1 million daily active users, suggesting the social network may be reaching the peak of its growth. However, it earned $3.67 per share, falling short of the $3.84 per share projected by analysts surveyed by Thomson Reuters. In the fourth quarter, Meta posted revenue of $33.7 billion, beating analyst expectations of $33.4 billion. Meta also said the augmented and virtual reality business at the heart of its metaverse plans is generating revenue but is unprofitable. The fall came after an earnings report Wednesday in which the company missed profit expectations and showed a quarterly drop for the first time in the number of daily active users on Facebook. The fall was the largest single-day drop in market value for a US company ever, according to Reuters. The collapse in share price wiped out almost $240 billion from the social network's value. Meta shares fell $85.24 to close at $237.76. Facebook parent Meta's stock fell more than 26% on Thursday after disappointing fourth-quarter earnings and a drop in daily users underscored how much the company relies on social media as it develops its metaverse ambitions. ![]()
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