Meta stock craters over bleak forecast and expensive metaverse bets

FILE PHOTO: Facebook's new rebrand logo Meta is seen on smartphone in this illustration picture taken October 28, 2021. REUTERS/Dado Ruvic/Illustration

(Reuters) - Facebook parent Meta Platforms Inc on Wednesday forecast a weak holiday quarter and significantly more costs next year, sending shares down nearly 20% as investors voiced skepticism about the company's pricey metaverse bets.

The forecast knocked about $67 billion off Meta's stock market value in extended trade, adding to the more than half a trillion dollars in value already lost this year.