META) share price

Meta's metaverse-related Reality Labs lost $3.7 billion in the third quarter, taking losses this year to $9 billion, and a digital ads slowdown is hitting ...

That takes its total losses this year to $9 billion, and to almost $20 billion since the start of 2021. Google parent Alphabet's shares tumbled 9.6% Wednesday after its quarterly earnings report, as analysts warned that a decline in its YouTube and Google Network revenue pointed to more pain ahead. Its revenue for the quarter came in at $27.71 billion, compared with a $27.38 billion target, as sales dropped by 4%. That drop significantly outpaces the benchmark Shares in Meta were 20% lower at $103.79 at last check in premarket trading. It also reported billions of dollars of losses for its metaverse-linked Reality Labs unit, an investment that has come under fire from analysts.