Facebook’s parent company forecast current quarter revenue below estimates after recording its first ever quarterly drop in revenue
Meta Platforms Inc on Wednesday forecast current quarter revenue below estimates after the Facebook-parent recorded its first ever quarterly drop in revenue, amid a general weakness in the digital ad market.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 has been trying to fend off a string of challenges to its business, including stiff competition from TikTok and Amazon.com Inc for ads and a revenue hit from Apple’s privacy changes to mobile operating system iOS.
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