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Meta's market cap dropped by $89B on Thursday after the company published a lackluster Q3 report. In Q3, the social media company's revenue fell short of expectations, reaching $27.71B. Shares dropped ~25%, the most significant drop since March 2016.
• Meta predicts Q4 revenues of $30B to $32.5B.
- Analysts anticipate Meta to bring in $32.2B.
• Meta's Reality Labs, the team behind Meta's social-gaming platform Horizon Worlds, brought in $285M in revenue and lost $3.7B.
- Analysts predicted $406M in Q3 revenue, closer to Q2's $452M.
• In a press release, Meta announced that the department would continue to experience significant losses well into 2023.
- During a conference call, Zuckerberg said that the company would continue to focus on the metaverse and that not doing so would be a "mistake."
