Meta shares drop as company announces mixed quarterly results

Shares in Meta dropped on Wednesday after the company announced mixed results in its third quarter earnings report, beating analyst predictions for revenue but offering a weak forecast for the upcoming quarter.

Stocks in the company fell at least 8% in after hours trading.

Struggling to compete with the growing power of TikTok, Meta has invested heavily in its short form video content product Reels, but has previously struggled with monetization. Meta invested heavily in new products this quarter, with total costs and expenses up 19% year over year.

This comes as the tech industry and the market at large struggles with economic headwinds, including rising inflation and fears of a recession.