Meta, formerly Facebook, faces historic drop as stock tanks
New York, Feb 3: Shares in Facebook parent company Meta are in the midst of their worst day ever Thursday after the social media giant reported a rare decline in profit due to a sharp increase in expenses as it invests heavily in its transformation into a virtual reality-based company.
Meta's shares fell more than 23% to 246.76 in early trading Thursday, lopping off more than 215 billion of the company's overall value, known as its market capitalisation. A drop that big would be the largest ever for a company on a single day. Facebook's market cap dropped 120 billion on July 26, 2018.
The Menlo Park, California, based company said Wednesday that profit declined 8% to 10.29 billion in the final three months of 2021. Revenue rose to 20% to 33.67 billion.
The decline could partly be tied to Meta's spending on its Reality Labs segment which includes its virtual reality headsets and augmented reality technology. Meta invested more than 10 billion in the segment in 2021.
In addition, recent privacy changes by Apple make it harder for companies like Meta to track people for advertising purposes, which also puts pressure on the company's revenue.
On a conference call with analysts Wednesday, Meta's chief financial officer said the company faces a 10 billion headwind from Apple's changes in 2022. Analysts at MoffettNathanson, in a note to clients, called the estimate stunning.
Meta also forecast revenue well below analysts' expectations for the current quarter, due in part to growing competition from TikTok, the company said.
Meta Platforms Inc took on its new name last fall to emphasize CEO Mark Zuckerberg's focus on the metaverse. Since then, the company has been shifting resources and hiring engineers including from competitors like Apple and Google who can help realise his vision. It expanded its workforce by 23%, ending the year with 71,970 employees, mostly in technical roles.
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Actor Rajpal Yadav walks out of Tihar Jail after HC suspends sentence in cheque bounce cases
New Delhi (PTI): Actor Rajpal Yadav walked out of Tihar Jail on Tuesday evening after the Delhi High Court permitted his temporary release from jail in cheque bounce cases.
After all formalities were completed, Rajpal Yadav walked out of Tihar jail around 4.50 pm, a source said. He was granted relief after submitting Rs 1.5 crore to the complainant.
Speaking to reporters outside the jail, Yadav said he has received unwavering support from across the country.
“In 2027, I will have completed 30 years of working in Bollywood. Everyone has been with me. That is why I could do 200-250 films,” Yadav said.
The actor said he has always complied with the directions of the high court and would continue to do so, adding that he was available whenever required.
"The love and backing of people from across the nation remain with him, and that if there are any allegations, he is ready to respond fully and transparently," Yadav said.
“If anyone wanted legal details, they could speak to my advocate,” he added.
Justice Swarana Kanta Sharma granted interim suspension of the six-month sentence after noting that Yadav had deposited Rs 1.5 crore to the complainant, M/s Murali Projects Pvt Ltd.
"We are granting you an interim suspension of sentence... It is till the next date of hearing," the court said, while directing Yadav to surrender his passport and not leave the country without prior permission. The court also ordered him to remain present, either physically or virtually, on the next date of hearing on March 18.
Yadav had sought suspension of his sentence citing a marriage in his family on February 19.
Delhi: Actor Rajpal Yadav has been released from Tihar Jail pic.twitter.com/4iz1Jdbsi9
— IANS (@ians_india) February 17, 2026
