NEW DELHI: Facebook parent Meta crashed 26 percent in US trading on Thursday on the back of poor earnings results with founder Mark Zuckerberg's wealth plunging by as much as $31 billion in one of the biggest one-day wealth drops ever.
The biggest troubling sign for the company is that fewer people logged on to Facebook every day per quarter than they did the year before for the first time during the last three months of 2021. Add to that slow growth numbers, a lower revenue forecast for the next few months, failure to generate advertising revenue from Reels and added costs due to changes in Apple’s operating system that prevent ad-tracking.
