Meta Platforms Inc.’s one-day crash may rank as the worst in stock-market history.
The Facebook parent plunged 24 per cent in U.S. trading Thursday on the back of poor earnings results, putting it on track to erase more than US$200 billion.
At current levels, that’s the biggest collapse in market value for any U.S. company. But there’s no certainty the losses will hold, especially given the recent volatility that’s whipped across technology shares. Markets have swung wildly in recent weeks, with buy-the-dip traders sometimes storming in during the final hours of the trading day.
Still, analysts were bleak in their assessments, pointing out that Meta faces stiff competition from rivals like Tiktok and revenue was far lower than expected. Michael Nathanson, an analyst at brokerage Moffett Nathanson, titled his note “Facebook: The Beginning of the End?”
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