Facebook parent Meta Platforms Inc. META -24.55%decrease; red down pointing triangle posted its second revenue decline in a row, as the social-media giant wrestles with a vortex of challenging business conditions that have combined to shave more than half a trillion dollars from its market value so far this year.
The company reported quarterly revenue of $27.7 billion, down more than 4% from a year ago, after posting a 1% decrease last quarter. Meta’s share price fell more than 5% on Wednesday, amid a broad selloff of tech shares, and is now trading at a price last seen in 2017.
Meta shares fell 23% to $100.45 in premarket trading Thursday morning. The stock retreat would put Meta’s market value below $300 billion for the first time since early 2016.
Meta is battling a host of challenges, including the tough macroeconomic climate, growing competition from rival TikTok and the fallout from Apple Inc.’s ad-tracking changes, all of which have taken a toll on its massive advertising business.
At least some of those issues are being felt across Silicon Valley, with Google’s YouTube unit posting a decline in advertising revenue on Tuesday and Snap Inc. delivering disappointing results last week.
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