Meta sinks: Mark Zuckerberg’s company shares have fallen more than 60% in the year

Meta’s value dipped below the pandemic level over the past week and has fallen more than 60% for the year.

Meta shares fell 14%, closing at $146.29 on Friday.going to be at its lowest point since March 2020. In addition, during the last 12 months the parent company of Facebook has lost 61% of its valuethis being the largest decline among Big Tech stocks and more than double the decline in the Nasdaq Composite.

Meanwhile, the technology company had been trading just 28 cents on the dollar above its closing price on March 16, 2020, when COVID-19 hit US stocks. It is worth noting that if Meta falls below $146.01, this would be the lowest level since January 2019.

It is necessary to remember that since mark zuckerberg officially changed the company name to Meta, in October 2021, has faced a series of bad news. For example, Apple’s iOS operating system privacy update made it difficult for the company to target ads, plus TikTok’s popularity has also alienated users and advertisers.

Likewise, Zuckerberg has had to deal with the economic slowdownwhich has caused many companies to minimize their online marketing expenses.

Also read: South Korea imposes million dollar fine on Google and Meta for violating user privacy

However, despite all the conflicts the company has faced, this quarter Facebook managed to increase its number of active users in the United States, although by just under 1%.

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Lastly, in July Meta reported that it expected a second consecutive period of declining sales after reporting second-quarter earnings that fell short of the top and bottom results. Specifically, the company earned $2.46 per share compared to $2.59 per share projected by Refinitiv analysts. Likewise, revenues were US$ 28.820 million compared to the US$ 28.940 million forecast.

Revenue in the third quarter will be in the range of $26 billion to $28.5 billion, below the average analyst estimate of $30.5 billion, according to Refinitiv. That translates to a projected decline of between 2% and 11% from a year ago.

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Meta sinks: Mark Zuckerberg’s company shares have fallen more than 60% in the year