As Meta’s revenue decline accelerates, shares sink 14 percent

The drop deepened a decline that began the previous quarter when Meta reported its first ever revenue drop [File: Arnd Wiegmann/Reuters]

Facebook parent Meta Platforms Inc has forecast a weak holiday quarter and significantly more losses from Metaverse investments next year, sending shares down 14 percent.

The forecast on Wednesday knocked about $40bn off its stock market value in extended trade. On top of the disappointing outlook, Meta is contending with slowing global economic growth, competition from TikTok, concerns about significant spending on the Metaverse and the ever-present threat of regulation.