Meta Platforms (NASDAQ: META) stock is losing ground in Thursday's daily trading session. The social media giant's share price was down 4.2% at 12:30 p.m. ET, according to data from S&P Global Market Intelligence.

Meta published its third-quarter results after the market closed yesterday, delivering performance that came in well ahead of the market's expectations. On the other hand, the company issued cautious forward guidance. In addition to its soft projections and commentary, tech stocks are also struggling today. The Nasdaq Composite index is down roughly 1.9% as of this writing. 

Meta's Q3 results handily beat expectations on nearly all fronts. The company posted earnings per share of $4.39 on revenue of $34.15 billion. The company's earnings performance beat the average analyst target by $0.76 per share, and sales beat the average target by roughly $700 million. But the company's forward guidance and commentary are dragging on the stock -- along with a general uptick in bearish sentiment surrounding the tech sector. 

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Source Fool.com