Shares in Meta plunged as the market opened in the US following a drop in quarterly profits, sliding nearly 23%.
The fall compounded the company’s woes, with investors wiping $520bn from Meta’s market value since the start of the year.
The parent company of Facebook, Instagram, and WhatsApp lost more than $65bn overnight following the release of the financial results.
Revenue in the third quarter fell for a second consecutive time to £23.83bn from £24.94bn.
Net income fell to £3.78bn from £7.9bn a year earlier.
“We are holding some teams flat in terms of headcount, shrinking others and investing headcount growth only in our highest priorities,” it added.
