Meta-shares plunged 14% this week and came close to their pandemic low

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Meta Platforms CEO Mark Zuckerberg speaks at Georgetown University in Washington on October 17, 2019.

Andrew Caballero-Reynolds | AFP | Getty Images

Facebook hasn’t been this cheap since the start of the pandemic.

After dropping 14% for the week to close at $146.29, shares of Facebook parent Meta are at their lowest point since March 2020, sinking even lower for a period on Friday. Meta has lost 61% of its value in the past 12 months, by far the biggest drop among Big Tech stocks and more than double the drop in the Nasdaq Composite.

By slipping for five consecutive days, Meta is now trading just 28 cents above its March 16, 2020 closing price, when the early days of Covid-19 rocked U.S. stocks.

If Meta falls below $146.01, it will be its lowest level since January 2019. That was when Facebook was dealing with the aftermath of the Cambridge Analytica scandal that tested consumer confidence in the social media company and sparked a series of heated congressional hearings.

Still, Facebook managed to grow its active user base in the US that quarter, albeit by just under 1 percent.

Since the official name change to Meta last October, almost all of the news for CEO Mark Zuckerberg and the company has been bad. Apple’s iOS privacy update made it harder for the company to target ads, and the increased popularity of social media rival TikTok has drawn users and advertisers away from the app. Meanwhile, an economic slowdown has caused many companies to cut their spending on online marketing.

In July, Meta said it expected a second consecutive period of declining sales as it reported second-quarter profits that were missing both above and below the line.

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