The meta-universe is losing money!Facebook shares plunged 26 per cent, wiping $240bn off its market value

2022-05-27 0 By

Shares of Facebook parent Meta (NASDAQ:FB) plunged 26.39% to $237.76 at the close of trading.About $237 billion (1.5 trillion yuan) in market value was wiped out, equivalent to losing the market value of one ICBC in one night.They eased slightly after hours and were up 1.5% at 18:20 A.M. Edt.Red Star Capital Bureau noted that Meta released its first financial report after changing its name to “Meta-universe”. According to the financial report data, Meta’s total revenue in the fourth quarter was $33.671 billion, up 20% year on year.Net profit was $10.285 billion, down 8 percent from a year earlier.Earnings per share were $3.67, compared with $3.88 a year earlier.The report also noted that the metauniverse investment is expected to reduce operating profit by about $10 billion in 2021.In addition, Facebook’s daily active users declined quarter-on-quarter.Red Star news reporter Yu Yao Tao Yue Yang editor Yang Cheng (download red star news, reporting awards!