Why Meta Stock Dropped Again Today

Shares of current social media giant and future metaverse play Meta Platforms (NASDAQ: META) suffered a glitch Friday, falling 4.6% through 11:50 a.m. ET. And granted, the whole stock market is in the red today -- spooked by a government report that inflation just hit a 41-year high, the Nasdaq itself is down a not-insignificant 3.6%.

But Meta Platforms has troubles all its own.

Specifically, tech publication The Information is reporting this morning that Meta has canceled its planned smartwatch, is limiting marketing of "Portal" display devices to businesses, and is postponing a planned release of augmented reality "Project Navare" glasses past 2024.

Source Fool.com