Facebook briefly drops 6% after Bloomberg incorrectly publishes disappointing forward guidance for revenue

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• Meta Platforms dropped Wednesday after Bloomberg falsely reported second-quarter revenue forecasts for the company.
• Shares dipped as much as 6% around 1 p.m. ET, before rebounding slightly. 
• Meta is set to report earnings following the market close on Wednesday.

Facebook parent Meta Platforms, Inc. dropped as much as 6% Wednesday afternoon after a false report of weak second-quarter guidance from Bloomberg. 

Shares of the social media giant dipped briefly to around $169 each before rebounding slightly. The stock was down about 4.3%, trading at $173.11 as of 2:43 p.m. ET on Wednesday. 

The financial news and data service falsely announced that Facebook reported revenue guidance for the current quarter that came in below analysts' estimates. 

The media firm acknowledged the mistake shortly after. Facebook reports its first-quarter earnings after the closing bell today. The social media giant's fourth-quarter earnings report in February sparked the biggest single-day loss for a stock in market history. Following earnings that showed the first ever decline in daily average users, the company saw $200 billion in market value erased. 

CEO Mark Zuckerberg warned that earnings will remain under pressure amid strong competition from other platforms such as TikTok, and as ad sales slow in response to privacy updates across Apple devices. 

An update from Apple for the iPhone in December gave users the option to opt in or out of allowing certain applications to track usage, which Facebook relies on for ad revenue.

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