Meta Stock Plummets After Weak Earnings.

Facebook parent company Meta posted third-quarter earnings that fell short of Wall Street projections.

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For the three months ending September 30, the social media juggernaut posted earnings of $4.4 billion, or $1.64 per diluted share.

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The company is predicting another reduction in revenue for the upcoming quarter, which would be the second straight decline.

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Meta was predicted by analysts to report third-quarter earnings of $1.90 per share, a decrease from $3.22 per share a year earlier.

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The third quarter's sales was anticipated to drop from $29 billion to $27.44 billion.

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With the help of its virtual reality offerings under the Oculus brand, the company has invested billions of dollars to reinvent itself in the image of chief executive Mark Zuckerberg for the metaverse.

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He has been pushing for the firm to diversify its revenue sources away from Facebook's reliance on advertising.

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