CNBC’s Jim Cramer almost fell to his death Thursday, while apologizing for being incorrect on Meta’s stock.
META shares fell 24% on Thursday, following the company’s third quarter earnings. CNBC reports that experts had predicted a weak fourth quarter. According to the report, profits for Meta, which is Facebook’s parent company, fell 52% to $4.4billion.
CNBC’s “Squawk on the Street”, hosts broke down the numbers and played a clip, before Cramer profusely apologised for his previous predictions.
Zuckerberg stated that there are many things happening in the business right now and around the world. “It’s difficult to have a simple, one-and-done approach to solving the problems.” “There is a lot to do, challenges are especially coming from Apple. Then there are some longer-term things that we’re taking on because we believe they will provide higher returns over the long term.
Co-host Carl Quintanilla said, “By expenses, he means operating costs up 19.”
Cramer stated that cash flow in the last year was $9.5 billion. Now it is less than $1 billion.
“Let me repeat this, fellas. This is where I made a mistake. I was mistaken, I trusted the management team. This was foolish. This is a remarkable display of hubris. I apologize.”
David Faber, co-host, said “Okay Um, what have you done wrong?”
“I believed that there was an amount you cannot spend. Jim Farley was the opposite. He closed a project he was working on and resigned because it wasn’t ready. It wasn’t enough. This is almost a crazy situation. It was my expectation that there would be an agreement that you can’t spend and that you cannot spend through cash flow. But, David, I wasn’t able to grasp it. They trusted me, and I regret it. I have been in the business for 40 years, and I did a terrible job. I am not proud. I am not proud.”
