shares sinking to new lows, the social media giant is now the worst performer in the S&P 500 this year as of Thursday.
Meta shares are down roughly 73% over the past year and are performing more poorly than Align Technology,
, SVB Financial Group
and Match Group
— all companies that comprise the bottom tier of the stock market index.
The Facebook-parent has been dealing with a bevy of challenges that have spooked investors and sent its shares tumbling.
In October, for instance, Meta reported its second straight quarterly sales drop and issued weak fourth-quarter guidance that was below analyst’s expectations. Meta attributed the revenue decline to a host of problems, including a looming recession that has caused businesses to pull back on advertising spend and the lingering effects of Apple’s 2021 iOS privacy update that’s made it more difficult for the company to track users across the Internet.