Mark Zuckerberg has just received the news he was dreading, but had to know was coming:
Facebook stock is down 22%.
This should come as no surprise to anybody who's been paying attention to the social media giant.
Twitter is completely changing, Truth Social is taking over the download charts, and even CNN is beginning to admit they need to change direction or deserve to go extinct.
For some reason, Facebook didn't adjust at all to the changing landscape in America. No longer are voters content to sit back and consume the media pushed upon us by Facebook like we're goldfish waiting for a few flakes of food to hit our bowl.
Facebook completely changed the 2020 election. Americans know it. Facebook was unable to admit it and change. As a result, things aren't going as swimmingly for Zuckerberg as he would've once hoped.
Even CNBC is getting worried about Facebook, reporting that "Facebook shares have continued their downward trend throughout 2022, plunging by more than 22 percent in morning trading on Thursday following a weak forecast for the fourth quarter that came with third quarter earnings well below Wall Street’s expected earnings."
Here were the figures included in the report:
- Earnings per share (EPS): $1.64 vs $1.89 expected, according to Refinitiv
- Revenue: $27.71 billion vs. $27.38 billion expected, according to Refinitiv
- Daily Active Users (DAUs): 1.98 billion vs 1.98 billion expected, according to StreetAccount
- Monthly Active Users (MAUs): 2.96 billion vs 2.94 billion expected, according to StreetAccount
- Average Revenue per User (ARPU): $9.41 vs. $9.83 expected, according to StreetAccount
"We do anticipate that operating losses in 2023 will grow significantly year-over-year," Facebook said. "Beyond 2023, we expect to pace investments such that we can achieve our goal of growing overall company operating income in the long run."
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