Shares of Meta (formerly Facebook) tumbled 22% in post-trading trading after the release of a financial report that fell short of analysts' expectations, trading data show. It is reported by CNBC.
According to the results of Wednesday's trading, the company's shares first rose in price by 1.25% to $323 per share. After the close of major trading, Meta released a report that caused stocks to drop in post-trading. The company's shares are falling 22% to $251.41 per security.
According to Refinitiv, Meta's revenue in the first quarter of 2022 should be between $27 billion and $29 billion.
Earlier, Meta Platforms (owner of Facebook and Instagram) applied to the Tagansky Court of Moscow and challenged the turnover fine in the amount of about 2 billion rubles. According to her, the date for the consideration of the appeal has not yet been set.
The day before, it was reported that Moscow courts imposed turnover fines on Google and Meta. The reason is the refusal to remove illegal materials. The first IT giant will have to pay almost 2 billion rubles, the second - 7.2 billion rubles. The RKN warned that if companies continue to violate the laws of the Russian Federation, they will face new fines.
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