Wall Street analyst firms lowered their price targets for Meta Platforms shares following the release of their Q3 2022 report. Meta Platforms (META) shares have lost over 20% since the report was published. As of October 31, 2022, the stock ended trading at $93.16. Since the beginning of 2022, the stock has fallen in price by more than 3 times compared to the maximum price, which was set at $336.35.
The company continues to invest in developments related to augmented and virtual reality. At the same time, the main advertising business is losing profits due to a slowdown in the global economy.
Net income fell immediately by 52% to $4.39 billion. Earnings per share (EPS) amounted to $1.64 (analysts had expected $1.89). Q3 2022 quarterly revenue decreased to $27.7 billion (-4.5%). The company also published a weak revenue forecast for the next quarter. The company expects revenue in the 4th quarter of 2022 to be between $30 billion and $32.5 billion (analysts forecast $32.2 billion). Analysts Cowen & Co., Goldman Sachs, UBS, Morgan Stanley, Mizuho and others lowered their price targets following the release of their Q3 2022 report.