Meta stock plummets after weak earnings report
CBSN
Shares of Facebook's parent company Meta plummeted more than 22% after trading hours on Wednesday as the company reported lower than expected profits in the fourth quarter of 2021.
The company said it spent over $10 billion on Reality Labs in 2021, its division that is working on building and developing the Metaverse. But Meta reported $2.2 billion in revenue from the project.
Meta, which makes nearly all of its money from advertising, reported $10.3 billion in profits during the last quarter of 2021, down from $11.2 billion it made during the same three-month period in 2020.
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Washington — Oklahoma Gov. Kevin Stitt appointed energy executive Alan Armstrong on Tuesday to replace newly confirmed Department of Homeland Security Secretary Markwayne Mullin in the Senate.
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