![CNBC's Jim Cramer awkwardly broke down in tears Thursday while apologizing for being wrong on META. [Screenshot CNBC]](https://images.dailycaller.com/image/width=960,height=411,fit=cover,f=auto/https://cdn01.dailycaller.com/wp-content/uploads/2022/10/Screen-Shot-2022-10-27-at-3.35.53-PM-e1666899427180.png "CNBC's Jim Cramer awkwardly broke down in tears Thursday while apologizing for being wrong on META. [Screenshot CNBC]")
CNBC’s Jim Cramer nearly broke down Thursday while apologizing for being wrong on Meta’s stock.
Shares of META dropped 24% Thursday after the company’s third-quarter earnings led experts to anticipate a weak fourth-quarter, according to CNBC. Profits for Meta, which owns Facebook, dropped 52% to $4.4 billion, according to the report.
CNBC’s “Squawk on the Street”‘ hosts were breaking down the numbers and played a clip before Cramer profusely apologized for his past predictions. (RELATED: Hundreds Of Apps Stole Login Credentials From Facebook Users, Meta Says)
“There are a lot of things going on right now in the business and in the world and so it’s hard to have a simple, we’re going to do one thing and it’s going to solve the issues,” Zuckerberg said. “There’s a lot of competition, there are challenges especially coming from Apple and then there’s some of the longer term things that we’re taking on expenses because we believe they’re going to provide greater returns over time.”
“By expenses he means operating expenses up 19,” co-host Carl Quintanilla.
“Cash flow last year, $9.5 billion, now less than $1 billion,” Cramer began.
“Let me say this, fellas. I made a mistake here. I was wrong, I trusted this management team. That was ill advised. The hubris here is extraordinary. I apologize.”
“Okay um, what did you get wrong?” co-host David Faber said.
WATCH:
“I had a belief that there was a recognition that there is an amount that you can’t spend. Contrast that with Jim Farley, who took a project that was his, and closed it, because it was not ready. It was not near enough. This situation is almost a rogue situation. I thought there would be an understanding that you just can’t spend, and spend through free cash flow, that there had to be some level of discipline, and I didn’t get it but, David, what did I get wrong? I trusted them, not myself, for that I regret. I’ve been in this business for 40 years and I did a bad job. I’m not proud. I’m not proud.”
“I don’t really care about that. I fucked up,” Cramer said when told he wasn’t the only analyst to think Meta’s stock would perform well.