The big tech companies are reporting their earnings this week — Apple and Amazon will step up after the closing bell Thursday.

But traders and tech types are still buzzing about the quarterly results of Facebook parent Meta, which came out Wednesday afternoon.

Meta’s stock is being hammered, with about a quarter of the company’s market value wiped out Thursday. Meta shares are now at their lowest level since 2016.

The company says its revenue over the last three months was down 4% from a year ago, its second straight quarterly decline.

Worse, Meta’s profit plunged by 52%.

Even so, CEO Mark Zuckerberg reiterated his commitment to spending billions of dollars developing the metaverse, a virtual-reality-fueled digital environment that backers hope will be the next iteration of the internet.

Maybe it will be. But consumers so far have been slow to embrace the costly, clunky headsets needed for the metaverse experience, and many are wondering why anyone would want to spend a lot of time in what’s essentially a video game without the game.

Which is to say, Meta seems to be way ahead of the market — and that’s a risky place for any company to find itself.

Financial analysts on Thursday downgraded Meta’s shares, which have fallen more than 60% so far this year.

Can Zuckerberg turn things around? Possibly. But he’s all-in on the metaverse, and for the moment he’s betting against the house.

Any Vegas whale will tell you, that’s seldom a smart play.