Meta falls as sales miss estimates in first-ever quarterly drop - BNN Bloomberg

📆 2022-07-28 1:42 AM

South Africa News News

South Africa Latest News,South Africa Headlines

📆 2022-07-28 1:42 AM
📰 BNNBloomberg

⏱ Reading Time:
22 sec. here
2 min. at publisher
📊 Quality Score:
News: 12%
Publisher: 50%

Meta Platforms, parent company of Facebook and Instagram, reported its first ever quarterly sales decline, as economic turmoil caused advertisers to shrink budgets. $META

Meta Platforms Inc., parent company of Facebook and Instagram, reported its first ever quarterly sales decline, as economic turmoil caused advertisers to shrink budgets.

The company’s advertising sales efforts are hitting a number of snags. Marketers are spending less due to various economic pressures, leaving Meta and its peers to compete for the smaller budgets. Apple Inc.’s privacy rules have made ads on Facebook and Instagram less effective. Shares of Menlo Park, California-based Meta fell as much as 6.3 per cent, after closing at US$169.58. The stock has lost half its value this year.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Meta Platforms reportedly circling Canadian maker of smart glassesMeta is considering an offer for AdHawk Microsystems, which has developed camera\u002Dfree, eye\u002Dtracking glasses for research purposes. Read more.
Read more »

Microsoft misses quarterly revenue estimates on stronger dollarShares of the company fell about 1% in trading after the bell. Read more
Read more »