Meta Shares Dropped 20% After Earnings Released

Facebook’s parent company, Meta, said on Wednesday that the firm has seen a drop in revenue for the second straight quarter in a press release. This was mostly due to a reduction in ad sales as a result of Facebook’s struggle to compete with TikTok, which is an extremely popular video app.

A large number of investors have expressed their worry that the corporation is venturing into the metaverse without adequately assessing the associated dangers.

The most recent quarter’s poor financial performance has renewed concerns about whether it is wise for Meta to invest $10 billion US each year on metaverse, which doesn’t exist and may never exist.

Meta Shares