Meta joins Alphabet and Microsoft, as all three fail to meet Q2 earnings expectations.
In a week of a disappointment for mega-cap stocks, the trio has all missed revenue and earnings expectations, with Meta seeing its first quarterly sales decline ever recorded.Due to the current global economic slowdown, markets had anticipated that earnings of mega-cap stocks which account for 40% of the Nasdaq, and 30% of the S&P 500 could face a bloodbath.
This seems to have been reflected in the earnings report released by three of the world’s largest tech companies., the parent company of Google was one of the first companies to release earnings this week, with figures falling short of expectations. Q2 earnings came in at $1.21 per share, which was less than the consensus of $1.27 per share for the quarter.also fell short of expectations, with both earnings and revenue figures disappointing for Q2.
Quarterly revenue was reported at $51.87 billion, which was less than the $52.44 billion analyst had forecasted., formerly Facebook, also reported disappointing financial results for the second quarter of the year.
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