MENLO PARK, CA –– Meta Platforms stock plunged 24% after the company reported dismal earnings for the third quarter. The social media giant missed Wall Street's expectations for revenue and profit, as growth in its key advertising business continued to slow.

The company's shares have now lost nearly a third of their value since July when it announced a disappointing second-quarter earnings report.

Facebook's revenue rose 33% to $16.9 billion in the third quarter, missing analysts expectations of $17.4 billion. Profit rose 12% to $5.1 billion, or $1.76 per share, also below expectations of $1.91 per share.

The company said its daily active users rose 9% to 1.62 billion, while monthly active users rose 10% to 2.45 billion, but those growth rates are down from the double-digit percentages Facebook was posting just a few years ago. 

Famed stock analyst Jim Cramer gave an emotional apology on CNBC’s Squawk on the Street for having touted the company earlier in the year and telling investors to buy META. 

For the last few months employees at Meta have voiced concern about the company’s version of the metaverse. According to an internal survey conducted by Blind, only 58% of employees said they understood CEO Mark Zuckerberg’s metaverse plans.

"We had a good quarter and our business continues to grow," Mr. Zuckerberg said in a statement. Despite the challenges, Zuckerberg said he is "optimistic about the future."