Shares in Meta Platforms, the tech giant formerly known as Facebook, plunged in after-hours trading after the company missed Wall Street forecasts for earnings in the fourth quarter. The stock, whi…
, plunged in after-hours trading after the company missed Wall Street forecasts for earnings in the fourth quarter.
The earnings figure of $3.67 on a diluted basis fell short of the consensus estimate of $3.85 and dropped 5% from the same period a year ago. Revenue of $33.67 billion matched the expectation of $33.7 billion. The company formally changed its name from Facebook to Meta late last year, signaling a strategic shift fromto the metaverse. The change also provided a welcome distraction from intensifying government scrutiny and customer backlash in the wake of whistleblower revelations.
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