Meta shares plunge more than 20% after decline in profits

Analysts, on average, were expecting earnings of 3.85 per share on revenue of 33.36 billion dollars, according to a poll by FactSet

Facebook employees take a photo with the company’s new name and logo outside its headquarters in Menlo Park (Tony Avelar/AP)

Meta, the company that owns Facebook, Instagram and WhatsApp, has seen its share price plunge after reporting a rare decline in fourth quarter profits due to a sharp increase in expenses.

Meta’s shares fell 22.6% to 249.90 dollars in after-hours trading.