Facebook (NASDAQ:FB) took the broader market down with it on Thursday when earnings disappointed the Street. The bad financial news offered by Facebook's parent, Meta Networks, triggered a more than 20% loss in share value. Facebook reported a revenue of $33.67 billion, 0.87% higher than the $33.38 billion estimated by the analysts. Earnings per share came at $3.67, 4.4% below the Street expectations of $3.84. Whether Zuckerberg visits his holdings through his avatar in the metaverse or in person at his brokerage firm, suffice it to say the insanely rich Facebook founder will feel the sting of a $29 billion loss in wealth.
None of this means that the metaverse is dead, but it does mean that even in a metaverse/dog coin/meme stock world, the Street and its earnings expectations are as real and terrestrial as the tanks aligned on Ukraine's Eastern border.
