Friday, July 19, 2024
ad
HomeNewsMeta stocks hit lowest level since March; other social-media companies fall sharply...

Meta stocks hit lowest level since March; other social-media companies fall sharply too

Shares of the Facebook parent company fell 9.4% Tuesday, their worst day since Feb. 3, amid broad declines for U.S. stocks.

Meta Platforms led a sharp turn lower in social-media stocks Tuesday after the consumer-price index unexpectedly moved higher during August, with continuing inflation reigniting fears of a pullback in online advertising.

Shares of the Facebook parent company fell 9.4% Tuesday, their worst day since February 3, amid broad declines for U.S. stocks, particularly for big tech names. The Nasdaq Composite Index COMP fell 633 points or 5.2%. 

According to Dow Jones Market Data, Meta’s META stock closed Tuesday at $153.13, its lowest level since March 23, 2020. If the stock were to finish a session lower than $146.01, it would officially wipe out all of its pandemic-era gains.

Read More: Oxford Researchers Develop AI For AVs To Achieve Reliable Navigation In Adverse Weather Conditions

Other social-media names also fell sharply, including Snap Inc. SNAP, off 7%, and Pinterest Inc. PINS, down 4.3%. Ad-dependent Alphabet Inc. GOOG GOOGL, which runs the YouTube platform and the Google suite of services, slipped 5.9%.

Meta and its social-media peers have been on a rocky ride this year amid concerns about the impacts of inflation and other economic challenges on advertiser activity. The company logged its first-ever year-over-year drop in revenue during the June quarter, with executives saying they expected overall effects on the advertising business and planned to cut costs given the climate.

Despite jitters about the advertising industry, payment-technology companies have indicated that spending remains strong, even if consumer confidence is pressured.

Subscribe to our newsletter

Subscribe and never miss out on such trending AI-related articles.

We will never sell your data

Join our WhatsApp Channel and Discord Server to be a part of an engaging community.

Sahil Pawar
Sahil Pawar
I am a graduate with a bachelor's degree in statistics, mathematics, and physics. I have been working as a content writer for almost 3 years and have written for a plethora of domains. Besides, I have a vested interest in fashion and music.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular