Meta loses $200 billion in value as Zuckerberg focuses earnings call on all the ways company bleeds cash
Publishing timestamp: 2024-04-25 13:15:52
Summary
Meta CEO Mark Zuckerberg unnerved investors by focusing on long-term investments in AI and metaverse during the company's quarterly earnings call. Despite reporting better-than-expected profit and revenue for the first quarter, Meta's shares tumbled as much as 19% in extended trading, wiping out over $200 billion in market cap. Zuckerberg's emphasis on future investments and potential opportunities for expansion did not sit well with investors, leading to concerns about the company's profitability in the near future.
Sentiment: NEGATIVE
Tickers: META,
Keywords: earnings, meta platforms inc, business news, internet, technology, mark zuckerberg, breaking news: technology, social media,