Due to less than stellar quarterly reports, Meta’s stock price took a tumble again – and this time it was so dramatic, an analyst actually burst into tears live on air.
After Meta’s stock fell by 24% at its lowest level since 2016, CNBC host Jim Cramer burst into tears live during an episode of Squawk on the Street. The host, pictured above in a screengrab from the episode, said that he made a huge mistake by advising people to invest in Facebook’s mother company.
“I made a mistake here. I was wrong. I trusted this management team. That was ill-advised. The hubris here is extraordinary,” Cramer said in a dramatic episode.
After the episode, investing enthusiasts online dug up other bad advice from Jim Cramer, including his legendary tip to not take out money from Bear Stearns, just days before the 2008 financial meltdown.
The latest Meta quarterly report showed growth on most of the company’s assets, including Facebook users and active members, but a 4% decline in revenue and more than 50% decline in profit thanks to rising metaverse costs. The Reality Labs division working on the metaverse posted $3.7 billion losses, more than $1 billion more than the previous year.
Also read: Mark Zuckerberg Still Trying to Make the Metaverse Happen, This Time On Joe Rogan’s Podcast
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