Facebook parent Meta shares plummet 23% on ‘black eye’ earnings report

Facebook and Instagram parent company Meta saw its shares plummet to their lowest point in over a year on Wednesday after the company lowered its revenue forecast for the current quarter. 

Meta shares were down 22.5% at around $250.45 in late trade Wednesday. The company’s shares haven’t traded that low since 2020, and the dip corresponds to about $200 billion being knocked off Meta’s market capitalization.