'Meta Platforms issued a gloomy forecast after recording its first ever quarterly drop in revenue on Wednesday, with a global recession looming and competitive pressures weighing on its digital ads sales.
Shares of the Menlo Park, California-based company were down about 3.4% in extended trading.
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.
Total revenue, which consists almost entirely of ad sales, fell 1% to $28.8 billion in the second quarter ended June 30, from $29.1 billion last year. The figure slightly missed Wall Street’s projections of $28.9 billion, according to Refinitiv.
[...]'
-Reuters
https://nypost.com/2022/07/27/facebooks-meta-reports-first-ever-revenue-drop/
Shares of the Menlo Park, California-based company were down about 3.4% in extended trading.
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.
Total revenue, which consists almost entirely of ad sales, fell 1% to $28.8 billion in the second quarter ended June 30, from $29.1 billion last year. The figure slightly missed Wall Street’s projections of $28.9 billion, according to Refinitiv.
[...]'
-Reuters
https://nypost.com/2022/07/27/facebooks-meta-reports-first-ever-revenue-drop/
