Home NewsStock Market News Bad news frequently spreads that Meta plummeted 14% this week, approaching the lowest point since the epidemic | Anue Juheng

Bad news frequently spreads that Meta plummeted 14% this week, approaching the lowest point since the epidemic | Anue Juheng

by WOOWinvest
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Bad news frequently spreads that Meta plummeted 14% this week, approaching the lowest point since the epidemic | Anue Juheng


Shares of Facebook parent Meta (META-US) haven’t been this cheap since the coronavirus outbreak.

After plunging 14% this week to $146.29 a share, Meta shares are at their lowest since March 2020, and even traded lower on Friday (16th). Meta’s 61% drop over the past 12 months is by far the biggest decliner among Big Tech stocks and more than double the Nasdaq Composite’s decline over the same period.

After 5 consecutive days of declines, Meta is now only 28 cents above its closing price on March 16, 2020, in the early stages of the Covid-19 pandemic that sent U.S. stocks tumbling.

If Meta falls below $146.01, it would be the lowest since January 2019, when the company, known as “Facebook”, was facing a share price hit from the Cambridge Analytica scandal that saw many users abandon Facebook. social platforms, and a flurry of congressional hearings followed. Still, Facebook managed to increase U.S. active users in the quarter, but by less than 1%.

Since it became more famous in October last year, almost all the bad news from Meta, such as Apple’s (AAPL-US) iOS new privacy policy, has dampened the company’s targeted advertising business, social media rival Douyin has stolen users and advertisers, etc. At the same time, the economic slowdown has also caused many businesses to cut their online marketing budgets.

Meta reported in July that both profit and revenue fell in the second quarter, and it expects a second consecutive recession in the next quarter.

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