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Thread: Facebook stock plummets 26%, on pace for its biggest one-day drop ever

  1. #1

    Facebook stock plummets 26%, on pace for its biggest one-day drop ever

    -Shares of Facebook parent Meta were down more than 26% Thursday after the company forecasted weaker-than-expected revenue growth in the next quarter. It also said it's taking a big hit from Apple's privacy changes, and showed the first quarterly decline in daily active users on record.

    The stock is on pace for its biggest one-day drop ever, ahead of the 19% plummet it saw in July 2018. Thursday's drop is set to shave more than $230 billion from its market cap, bringing it to about $664 billion.

    The company, which released earnings under its new name for the first time with a new reporting structure, missed earnings estimates for the fourth quarter at $3.67 vs. $3.84 analysts were expecting, according to Refinitiv. But it beat on revenue for the quarter, at $33.67 billion vs. $33.4 billion estimated.

    Still, its revenue forecast of $27 billion to $29 billion for the first quarter fell below analyst expectations of $30.15 billion, according to Refinitiv.

    The company said Apple's iPhone privacy changes, which impact its ad-targeting and measuring, would result in a $10 billion revenue hit this year. It also said macroeconomic challenges like inflation and supply chain disruptions, are weighing on advertiser budgets...

    Facebook stock plummets 26%, on pace for its biggest one-day drop ever

  2. #2
    So if the Son sets you free, you will be free indeed. John's Avatar
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    Facebook lost all the young'uns to tiktok. Big hit on their user base.

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    That had to sting a little

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    Administrator fuego's Avatar
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    I hate it when that happens.

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    Senior Member Pentecali's Avatar
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    People are leaving FB by the grooves. Can't blame them.

    Too much censorship.

    I've lost 100s of friends this past year or so.

    Isn't Trump supposed to start a social media outlet?

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    Senior Member Cardinal TT's Avatar
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    Quote Originally Posted by Pentecali View Post
    People are leaving FB by the grooves. Can't blame them.

    Too much censorship.

    I've lost 100s of friends this past year or so.

    Isn't Trump supposed to start a social media outlet?
    Yes but it's pricey. Maybe someone else has info on it.

  9. #8
    So if the Son sets you free, you will be free indeed. John's Avatar
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    Quote Originally Posted by FireBrand View Post
    Yes but it's pricey. Maybe someone else has info on it.
    Shares of Digital World Acquisition (NASDAQ: DWAC) continue to jump higher as the Feb. 21 launch date for former President Donald Trump's Truth Social platform draws near.

    The special purpose acquisition company's share price rose 14% yesterday to $83.25, bringing its year-to-date gains to 93%. DWAC stock is one of the few securities that rose significantly through January when markets sold off sharply. Why?

    The gains seem to be driven by excitement over the upcoming launch of Truth Social, which is expected to appear on Feb. 21.

    What Happened With DWAC Stock
    Having been banned from Twitter (NYSE:TWTR) and other social media platforms, Trump is now launching his own platform. Truth Social is part of Trump's broader media entity, Trump Media and Technology Group.

    Industry experts anticipate that Truth Social will operate very much like Twitter. A profile page shown in the App Store appears to be almost identical, featuring icons and retweet features. Digital World Acquisition is taking the Trump Media and Technology Group public via a reverse merger that's expected later this year.

    Why It Matters
    The launch of Truth Social comes ahead of Trump's expected run to reclaim the Oval Office in the 2024 presidential election. With no access to Twitter or mainstream social media outlets, Trump and his team are taking matters into their own hands. The result is the development of their own social media app to communicate directly to supporters.
    https://www.nasdaq.com/articles/dwac...ate-draws-near

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    Frozen Chosen A.J.'s Avatar
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    Facebook stock plummets 26%, on pace for its biggest one-day drop ever
    Good.

  11. #10
    Mark Zuckerberg's Wealth Wipeout Hits $100 Billion as Meta Misses Again

    -Mark Zuckerberg's fortune plunged by $11 billion after his Meta Platforms Inc. reported a second-straight quarter of disappointing earnings, bringing his total wealth loss to more than $100 billion in just 13 months.

    Zuckerberg, 38, now has a net worth of $38.1 billion, according to the Bloomberg Billionaires Index, a stunning fall from a peak of $142 billion in September 2021. While many of the world's richest people have seen their fortunes tumble this year, Meta's chief executive officer has seen the single-biggest hit among those on the wealth list.

    Meta's revenue fell 4.5% from a year ago, the second consecutive quarterly drop, after never posting declining sales prior to 2022. Meanwhile, the social media platform faces ballooning costs as it funds its version of virtual reality. Shares of Meta opened 25% lower Thursday in New York. The stock price of about $100, the lowest since 2016, compares with $382 at its peak...

    https://www.bloomberg.com/news/artic...an-100-billion

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    FireBrand (10-28-2022), fuego (10-28-2022), John (10-28-2022)

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