Meta Platforms on Wednesday forecast current quarter revenue below estimates after the Facebook parent recorded its first quarterly drop in revenue amid a general weakness in the digital ad market.
Shares of the Menlo Park, Calif.-based company were down about 5% in extended trading.
The company said it expects third-quarter revenue of between $26 billion and $28.5 billion. Analysts were expecting $30.52 billion, according to IBES data from Refinitiv.
Meta’s earnings further underscored an inflation-induced slowdown in the digital ad industry, which has been booming for decades as companies tapped the power of the internet to reach consumers.
Mark Zuckerberg’s Meta has been trying to fend off a string of challenges to its business, including stiff competition from TikTok and Amazon for ads and a revenue hit from Apple’s privacy changes to mobile operating system iOS.
For the second quarter ended June 30, Meta said total revenue, the bulk of which comes from ads, fell to $28.82 billion from $29.08 billion a year earlier.
KNOWLEDGE is POWER / REAL NEWS is KEY Woke & Liberal News is Fake News You will find it on:
CNN - CBS - MSNBC - ABC - The New York Times - The Washington Post - Facebook - Twitter and more They ALL SUCKS
and simply DO NOT tell you the truth PERIOD
WARNING! If you usually get your news from one of these so-called "News Services" Welcome to you, but be prepared for big surprises! eg. 2+2 is not 5 or 22 but 4 - There is not 57 different genders, only 2 KNOWLEDGE is POWER / REAL NEWS is KEY Help your friends, family and the truth by sharing this article.