Meta, the company that owns Facebook, saw its stock plunge after-hours Wednesday after unexpectedly heavy spending on its 'metaverse' project.
MENLO PARK, Calif. -- Meta, the company that owns Facebook, Instagram and WhatsApp, saw its stock plunge after-hours Wednesday after unexpectedly heavy spending on its"metaverse" project led to a rare decline in its fourth quarter profit.
Analysts, on average, were expecting earnings of $3.85 per share on revenue of $33.36 billion, according to a poll by FactSet. The metaverse is sort of the internet brought to life, or at least rendered in 3D. Zuckerberg has described it as a"virtual environment" you can enter instead of just viewing it on a screen. Theoretically, the metaverse would be a place where people can meet, work and play using virtual reality headsets, augmented reality glasses, smartphone apps or other devices.
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