Ouch! Shares of social network Meta Platforms (NASDAQ: META) were absolutely crushed on Wednesday. First, the stock fell nearly 6% during regular trading hours as many tech stocks sold off. But the real damage came in after-hours trading, when the stock fell as much as 19% at one point. And keep in mind that shares were already down more than 60% year to date going into this week.

What's driving the huge stock-price decline, even though the Facebook parent's shares have already been beaten up? The social media company reported a disappointing third quarter, featuring a year-over-year revenue decline, a big decrease in earnings per share (EPS), and a forecast for another top-line decline in Q4 and higher expenses next year.

Let's break down some of the biggest problems from Meta's earnings report.

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Source Fool.com