Meta shares plummeted in extended trading after the company issued a weak forecast for the fourth quarter.
The company said revenue for the fourth quarter will be $30 billion to $32.5 billion. Analysts were expecting sales of $32.2 billion.
At an after-hours levels of about $108, Meta is trading at its lowest since March 2016, which was eight months before the election of Donald Trump as president. “As a result, we expect headcount at the end of 2023 will be approximately in-line with third quarter 2022 levels,” the company added in a statement.
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