Shares of several social media and metaverse-related stocks, including Snap Inc SNAP, Pinterest Inc PINS, Twitter Inc TWTR and Roblox RBLX, are all trading lower in sympathy with Meta Platforms Inc FB after the stock dipped following fourth-quarter earnings results.
Meta Platforms reported quarterly earnings of $3.67 per share which missed the analyst consensus estimate of $3.84. The company also reported quarterly sales of $33.67 billion which beat the analyst consensus estimate of $33.38 billion by 0.87 percent. This is a 20% increase over sales of $28.07 billion in the same period last year.
"We had a solid quarter as people turned to our products to stay connected and businesses continued to use our services to grow," said Mark Zuckerberg, Meta founder and CEO.
"I'm encouraged by the progress we made this past year in a number of important growth areas like Reels, commerce, and virtual reality, and we'll continue investing in these and other key priorities in 2022 as we work towards building the metaverse."
Snap is trading lower by 19.6% at $25.80.
Pinterest is trading lower by 11.2% at $24.27.
Twitter is trading lower by 8.7% at $33.35.
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