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."


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."

Sam Mendoza

DANK MEMES

Jim Cramer is crying — quite literally.
"Let me say this: I made a mistake here. I was wrong. I trusted this management team. That was ill-advised. The hubris here is extraordinary, and I apologize," Cramer said. "OK," said Faber. "What did you get wrong?"

Cramer explained that he did not expect Meta to spend as much as it had, calling it "almost a rogue situation."

"What did I get wrong?" he said, visibly choking up. "I trusted them, not myself. For that I regret. I've been in this business for 40 years, and I did a bad job. I'm not proud."


https://www.vice.com/en/article/n7zkj8/jim-cramer-tears-up-apologizes-on-tv-for-trusting-mark-zuckerberg-as-meta-stock-plummets

Jim Cramer is crying — quite literally. "Let me say this: I made a mistake here. I was wrong. I trusted this management team. That was ill-advised. The hubris here is extraordinary, and I apologize," Cramer said. "OK," said Faber. "What did you get wrong?"  Cramer explained that he did not expect Meta to spend as much as it had, calling it "almost a rogue situation."  "What did I get wrong?" he said, visibly choking up. "I trusted them, not myself. For that I regret. I've been in this business for 40 years, and I did a bad job. I'm not proud."   https://www.vice.com/en/article/n7zkj8/jim-cramer-tears-up-apologizes-on-tv-for-trusting-mark-zuckerberg-as-meta-stock-plummets

Cramer has boosted Meta during its downturn and emphasized his belief in Zuckerberg's vision, but on Thursday he struck a very different tone.

Jim Cramer Tears Up, Apologizes on TV for Trusting Mark Zuckerberg as Meta Stock Plummets

Jerome Cody

Let that sink in…. I mean, forget building out the metaverse, the company now looks up to a company which helps everyone build out the real world (Home Depot)! 🙃

Zuck is very lucky he has total control here thanks to the dual share structure - the markets are not buying it

Meta lost 70% of its value this year and is now worth less than Home Depot. 

https://www.cnbc.com/2022/10/27/meta-is-no-longer-one-of-the-20-biggest-us-companies.html

Meta lost 70% of its value this year and is now worth less than Home Depot.   https://www.cnbc.com/2022/10/27/meta-is-no-longer-one-of-the-20-biggest-us-companies.html

Nate

Let that sink in…. I mean, forget building out the metaverse, the company now looks up to a company which helps everyone build out the real world (Home Depot)! 🙃  Zuck is very lucky he has total control here thanks to the dual share structure - the markets are not buying it

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Mark Zuckerberg should pause, reflect, and ask himself one important question: When is enough, enough?

How many more warning signs does Mark Zuckerberg need to see before he pulls the plug on his metaverse?

Meta shares are down more than 20% on Thursday, the second time this year they've collapsed after an earnings report.

Sam Mendoza

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