Meta loses $200 billion in value as Zuckerberg focuses earnings call on all the ways company bleeds cash

Meta loses 0 billion in value as Zuckerberg focuses earnings call on all the ways company bleeds cash

Mark Zuckerberg, CEO of Meta testifies before the Senate Judiciary Committee at the Dirksen Senate Office Building on January 31, 2024 in Washington, DC.

Alex Wong | Getty Images

Mark Zuckerberg started Meta‘s earnings call by talking about artificial intelligence. Then he moved onto the metaverse, touting his company’s headsets, glasses and operating system. He spent almost the entirety of his opening remarks focused on the many ways Meta loses money.

Investors weren’t into it. Meta shares tumbled as much as 19% in extended trading on Wednesday, wiping out more than $200 billion in market cap. The drop came despite Meta reporting better-than-expected profit and revenue for the first quarter.

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