Meta fell more than 25% after releasing its earnings report, and many Metaverse concept stocks followed suit

After the bell on Wednesday, Eastern Time, Meta, the technology giant and the leader in the concept of the Metaverse, released its earnings report. This is the first earnings report since it announced its transformation into the Metaverse and changed its name from Facebook to Meta.

The change of Apple's privacy policy had a negative impact on the advertising business, and the Metaverse business failed to make a performance contribution in the short term, making Meta's financial report overall below market expectations. After the release of the financial report, Meta, which has a market value of 6 trillion yuan, fell by more than 22% after the market. According to a 22.65% decline, its market value has evaporated by about 207.441 billion US dollars, equivalent to about 1.32 trillion yuan. When the leading Meta fell sharply after the market, the after-hours share prices of many Metaverse concept stocks also fell.

Roblox fell more than 7% after the market. Cloudflare once fell more than 4% after the market. Block fell nearly 7% after the market closed.