Facebook’s stock was up against the wall in trading as shares of the company recently dropped by over 24%.
Over $29 billion was reportedly peeled off Mark Zuckerberg’s personal net worth given this fall.
According to Dow Jones Market Data Group, over $219 billion in market value has been erased, the most for any U.S. company in a single day.
In the fourth quarter, net income fell to $10.2 billion from $11.2 billion during the same period a year ago or $3.67 versus $3.88 per share. Revenue rose to $33.6 billion from $28 billion a year ago. Daily active users rose 5% to 1.93 billion.
On the company’s fourth-quarter earnings call, Zuckerberg noted that advertisers’ budgets were impacted by macroeconomic challenges, including inflation and supply chain disruptions.
Additionally, Apple’s iOS update is expected to put a $10 billion dent in its revenue for 2022.
Facebook recently changed its name to Meta.
Meta is forecasting first quarter 2022 revenue between $27 billion and $29 billion, below the $30 billion mark many analysts were projecting.
Edited by Jesus Chan
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