The new date is Jul 27, 2022.
Facebook parent Meta saw its stock plunge in after-hours trading on Wednesday following second-quarter earnings results that came in below expectations, as investors were particularly spooked by the company's weak revenue forecast.
Meta is facing an uphill battle according to some analysts.
After the earnings announcement, shares of Meta plunged over 3%, paring back gains from earlier in the session, when the stock rose over six percent.
The company reported revenue of $28.6 billion and earnings of $2.46 per share, compared to the $28.9 billion and $2.59 per share expected by analysts.
The company reported 1.9 billion daily active users and 2.98 billion monthly active users.
Several Wall Street analysts warned that the company faces an uphill battle for the rest of the year as its online advertising business continues to struggle due to Apple's iOS privacy update and a more challenging economic environment.
Meta slashed its revenue outlook for the third quarter, now forecasting between $26 billion and $28.6 billion, down from analyst expectations of $30.5 billion.
Meta has continued to spend billions of dollars on its augmented reality project, the metaverse, despite the fact that it faces increased competition from rival social media platforms.
As Apple privacy issues continue to be front and center, as well as a more challenging economic environment, Meta's soft guidance speaks to an "everest-like uphill battle" ahead. The tech space is bifurcated during June earnings season.
Meta has lost half of its market value this year due to the broader market selloff that has hit the tech sector particularly hard. Meta has recently slowed hiring due to the recession fears. The company said it faced a weak advertising demand environment throughout the second quarter. Some analysts are cautious about the company's ability to sustain profits amid a challenging environment in the short-term.
According to Forbes, Meta co-owner Mark Zuckerberg is worth more than $1 billion.
Wall Street still loves big tech stocks.
The stock market jumped 400 points after the Fed hiked rates.
The International Monetary Fund has a gloomy outlook for the global economy.
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