Meta shares plummet 20%

Facebook rattled investors on Wednesday by posting a rare profit decline, driven by the company's heavy spending on its vision for a so-called metaverse while simultaneously confronting advertising challenges on its existing services.

The company, formerly known as Facebook, posted net income of nearly $10.3 billion in the final three months of last year, a decline 8% from the same period in the prior year and below Wall Street analysts' projections.
The profit decline comes as Meta (FB) invests heavily into the VR and AR technologies.

Meta's shares plunged as much as 23% in after-hours trading following the report.