Facebook parent Meta Platforms Inc. startled investors with a sharper-than-expected decline in profits and a gloomy outlook in its first earnings report since Chief Executive Mark Zuckerberg outlined a pivot to the metaverse.
Meta shares plunged after the results were announced, dropping more than 20%. If shares dropped that much when trading opens on Thursday, it would wipe more than $175 billion from the tech giant’s market capitalization.
