Facebook (META) stock's 73% collapse makes it the S&P 500's worst performer in 2022
The company is now the worst S&P 500 performer for 2022.
It’s something of an understatement to say that Facebook parent company Meta has been having a rough go of it in 2022, with outlets like CNBC reporting that shares of Meta have fallen approximately 73 percent over the past year.
Not only that, but Meta has now earned itself the title of worst S&P 500 performer for 2022, trailing the likes of Align Technology, Generac Holdings, SVB Financial Group, and Match Group.
As noted by CNBC, Meta has been struggling with a number of challenges that have spooked investors including its “second straight quarterly sales drop” and “weak fourth-quarter guidance” that fell below analyst expectations.
Additionally, Meta has been struggling when it comes to its metaverse, with Facebook’s Reality Labs losing a staggering $3.67 billion in Q3 2022 alone, and $9.4 billion so far in 2022. Meta noted in its Q3 2022 earnings report that it anticipates these losses to “grow significantly” in 2023.
Overall, it’ll be interesting to see how Meta handles the difficulties it’s faced in 2022 as we enter 2023. Especially given how Meta is already anticipating losses to continue to grow in 2023, though it does have some things lined up for 2023 that may shake things up, including the reveal of its next Quest HMD consumer model.
For more on this and other Meta-related news, be sure to read through our previous coverage of the aforementioned reveal of Meta’s next Quest HMD consumer model in 2023, Facebook Reality Labs losing $3.67 billion during Q3 2022 with more losses anticipated in 2023.
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replyMorgan Shaver posted a new article, Facebook (META) stock's 73% collapse makes it the S&P 500's worst performer in 2022
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Makes me wonder what the people working there think about Mark and the metaverse, and the stock collapse.
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Yesterday at my local coffee shop I listened to a Meta employee praise Zuckerberg for a while. "He's in the trenches with us!"
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"I mean he conferences in from his compound in Maui every week, right there with us!"
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Last week he even had trench VR foot!
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Once in a teleconference after our company went public, I asked my boss about some strange noise from his mic. He replied he was mounting a 77 inch TV in his new house in Hawaii.
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If the choice is working on the metaverse or on monetizing people’s product and political preferences, then probably they’re more interested in working on the metaverse.
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The balance of work would be totally different. Yes, some amount of it would still be advertising-focused, but there’s also a huge amount of work on VR software and hardware fundamentals and VR content creation and other topics.
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I dunno, if I worked there, and the paychecks kept coming, I wouldn’t care.
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So maybe this is the recession we see the great social media collapse? Facebook is in the dumpster. Elon is actually turning Twitter into a dumpster fire. Maybe investors finally realize that these companies aren't providing a valuable service and just a smoke and mirrors advertising platform.
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Twitter and FB dying... nice!
