Meta, the parent company to the social media giants – Facebook, WhatsApp, and Instagram – saw its net profit plunge by more than 50%, and the company's shares fall nearly 20% in after-hours trading as the global economy slowed down, inflation soared and investors began paying more attention to costs.

The company's overall stock has plunged more than 60% this year.

The Big Tech firm released its financial earnings for the third quarter of 2022 with dreadfully poor figures as revenue got hit hard by its increased spending on the metaverse and its slowing growth in social networking and digital advertising struggles to compete with TikTok.

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