Meta plummets 25% as Apple earnings and profits top targets

CEO Mark Zuckerberg sought to justify Meta’s ballooning costs to fund its version of virtual reality,

Apple's quarter was saved by its oldest technology, desktop computers, while its star, the iPhone, stumbled. Picture: Edwin Koo/Bloomberg

Meta plunged 25% on Thursday, its biggest one-day drop since February after Chief Executive Officer Mark Zuckerberg asked investors for patience with the social media giant’s swelling investments in unproven bets at an already-challenging time for digital-advertising companies.

After giving a disappointing revenue outlook, Zuckerberg sought to justify Meta’s ballooning costs to fund its version of virtual reality, the metaverse, as well as the artificial intelligence fueling major changes to its social networks.