This is the cheapest Facebook has been since the start of the epidemic.
For a period on Friday, shares of Facebook parent Meta were at their lowest point in over a year. Meta has lost more than half of its value over the past year, making it the biggest slide among Big Tech stocks.
When Covid-19 sent U.S. stocks reeling, Meta was just 28 cents above its closing price.
It will be the lowest since January. The Cambridge Analytica Scandal tested consumer confidence in the social media company and led to a series of Congressional hearings.
Facebook was able to increase its active users in the U.S. by a small amount.
The news for the company has been bad since it changed its name. Apple's privacy update made it harder for the company to target ads and the increased popularity of TikTok has drawn users and advertisers away from the app. Many companies have stopped spending money on online marketing due to the economic downturn.
As it reported second-quarter earnings that missed on the top and bottom lines, Meta said it was expecting another period of declining sales.
There isn't a core business at Meta that works anymore.
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