Update (1330ET): It appears the Q2 revenue outlook was reported in error and is in fact a repeat of the previous quarter's range and FB's forecast for this quarter. It is still weighing on Meta's shares...
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About 3 hours before it is expected, the following headline ripped across the pages of Bloomberg Terminals:
*META PLATFORMS SEES 2Q REV. $27B TO $29B, EST. $30.74B
And that sent FB shares tumbling...
The algos immediately BTFD in FB... as Bloomberg issued the following:
*CORRECT: META PLATFORMS DID NOT REPORT EARNINGS
*CORRECT: META PLATFORMS 2Q REVENUE FORECAST REPORTED IN ERROR
Little late for that now eh? Just ignore what you just saw? Pretend you never saw it?
Did some Bloomberg intern screw up Pacific and Eastern Time?
Whatever the reason, it killed the BTFD momentum in the broader market...