Investors wiped more than $65 billion from Meta’s market capitalization on Wednesday after the Facebook owner reported another quarter of declining revenues and failed to convince investors that big bets on the metaverse and artificial intelligence were paying off.

Shares in Meta dropped 19 percent in after-hours trading as the world’s largest social media platform joined other Big Tech groups in warning that an economic slowdown was hammering its advertising businesses as brands spend less on marketing.

On top of the wider macroeconomic woes, Meta faces a confluence of challenges, including rising competition for its Instagram platform from rivals such as short-form video app TikTok and difficulties in targeting and measuring advertising because of Apple’s privacy policy changes.