Meta shares tank more than 24%, witnessing record fall in a single day

Shares of Meta closed down 24.6% to $97.94 Thursday, wiping out nearly $85 billion of the company’s market value and returning to levels not seen since 2016. The stock is now down more than 70% in 2022.

Meta’s revenue dropped 4% in the recently ended quarter, its second consecutive quarter of declining revenue, as the social-media giant battles growing competition from rival TikTok and fallout from Apple.

[Via]

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