Meta Platforms falls 9% after registering its first quarterly revenue drop in history as it still reels from Apple privacy change

Thursday - 28/07/2022 13:39
Meta missed second-quarter revenue and profit estimates and offered underwhelming guidance for the third quarter.
Meta CEO Mark Zuckerberg. Drew Angerer/Getty Images
Meta CEO Mark Zuckerberg. Drew Angerer/Getty Images

Meta Platforms plunged as much as 9% on Thursday, losing more than $40 billion in market value, after the company reported second-quarter earnings results that missed analyst expectations.

The social media giant also offered weaker-than-expected third-quarter guidance as it continues its buildout of Reels, its competitor to TikTok, and suffers from lost advertising revenue due to Apple's IDFA privacy change.

Here were the key numbers:

Revenue: $28.82 billion, down 1% from year-ago revenue of $29.1 billion and below views for $28.9 billion
Earnings per share: $2.46, versus analyst estimates of $2.55
Facebook daily active users: 1.97 billion in June, a year-over-year increase of 4%

Read More (...)

Author: Editors Desk

 Keywords: Facebook

Total notes of this article: 0 in 0 rating

  Reader Comments

Newer articles

Older articles

You might also be interested in:
‘Opening the gates of hell’: Musk says he will revive banned accounts

‘Opening the gates of hell’: Musk says he will revive banned accounts

The Twitter chief says he will reinstate accounts suspended for threats, harassment and...

You did not use the site, Click here to remain logged. Timeout: 60 second