The aftermath of Meta’s earnings report sends shockwaves as its stock nosedives over 16% in after-hours trading. With a staggering $240 billion market cap loss, the company faces scrutiny amid concerns over rising costs and revenue forecasts.
Key Points:
- Meta’s stock experiences a drastic decline of more than 16% in after-hours trading following its earnings report.
- The company’s market cap suffers a massive loss exceeding $240 billion, marking one of the biggest single-day losses in stock market history.
- Despite better-than-expected first-quarter results, Meta’s light revenue forecast and anticipated increase in costs trigger investor sell-off.
- Key financial figures include earnings per share of $4.71 and revenue of $36.46 billion, both slightly exceeding analyst expectations.
- Meta’s investment in areas like artificial intelligence and infrastructure contributes to rising costs, impacting profit margins.
- The company faces challenges in maintaining growth momentum amid increased competition and evolving market dynamics.
Sources:
www.marketwatch.com/livecoverage/meta-earnings-facebook-q1-stock-results-expectations?mod=home-page
www.cnbc.com/2024/04/24/meta-meta-q1-2024-earnings-.html
#recession … #Tech Bubble 2.0 edition #NASDAQ100 $QQQ $NDX $META 📉 🥶 t.co/CGkNy7u2oa pic.twitter.com/0KFjyKB0rW
— Invariant Perspective (@InvariantPersp1) April 24, 2024
#FacebookDown $META 📉 ☠️t.co/lYDIK2FMiS
— Invariant Perspective (@InvariantPersp1) April 24, 2024
BREAKING: Meta stock, $META, has now erased $240 BILLION of market cap after reporting earnings, down as much as 19%.
If $META closes at current levels tomorrow, it will mark the BIGGEST EVER 1-day loss of market cap by a stock.
The previous record is also held by $META when… pic.twitter.com/j4lzpckmMe
— The Kobeissi Letter (@KobeissiLetter) April 24, 2024
Facebook $META just reported 3.24 Billion Daily Active People across its family of apps
That means 40% of the total population on Earth uses a Meta owned product EVERY SINGLE DAY pic.twitter.com/NJlxXKHueR
— Evan (@StockMKTNewz) April 24, 2024
DUDE
THE MARKET ABSOLUTELY GOT ZUCKED $META
I DON'T THINK ANYONE, INCLUDING MYSELF, THOUGHT META WOULD INCREASE COSTS BY THIS MUCH. THEY ARE ANTICIPATING $5B OF INCREASES IN COSTS.
"We anticipate our full-year 2024 capital expenditures will be in the range of $35-40 billion,… pic.twitter.com/8OUCg8PKrQ
— amit (@amitisinvesting) April 24, 2024