Meta’s market cap as of Wednesday’s close stood at roughly $900 billion. The company makes up one of the original Faang cohort of tech megacaps, including Google’s parent Alphabet Inc., Amazon.com Inc. and Apple Inc.
It’s not the first time Meta shares have dropped dramatically. The stock plunged 19% in July 2018 on a slowdown in user growth, translating to a about $120 billion decline in market capitalization. At the time, it set the record for the largest-ever loss of value in one day for a U.S. traded company.
“We’re hopeful the company kitchen-sinked the outlook,” said Shyam Patil, an analyst at Susquehanna Financial Group.