CEO Mark Zuckerberg says we are an in economic downturn that is impacting advertising sales. Find out more.
Meta revenue slipped to US$28.8 billion in the second quarter, missing the US$28.9-billion average analyst estimate. The company’s forecast for the current period also fell short. Shares dropped more than four per cent in late trading.
Revenue for the current quarter will be US$26 billion to US$28.5 billion, falling short of the US$30.3-billion analyst estimate, the company said Wednesday in a statement. Shares of Menlo Park, California-based Meta fell five per cent in trading before U.S. markets opened. The stock, which closed at US$169.58, has lost half its value this year.
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