Meta Inc Misses Estimate, First Ever Quarterly Drop

Meta Inc Misses Estimate, First Ever Quarterly Drop

Meta Platform Inc has issued a gloomy forecast after recording it’s first ever quarterly drop in revenue, with recession fears and competitive pressure weighing on it digital advertisement sales.

Shared of the Menlo park California Based company were down about 4.6 percent in extending trading.

The company said on Wednesday it expect third quarter revenue to come in at $26bn to $28.5bn, which will make it a second year drop in a row, Analysts were expecting $30.52bn according to IBES data from Refinitiv.

Total revenue which consist almost entirely of ad sales fell 1 percent to $28.8bn in the second quarter ended June 30 from $29.1bn last year, the figures slightly missed wall street projection of $28.9bn according to Refinitiv.

Meta Inc Misses Estimate, First Ever Quarterly Drop

The company which operate the world largest social media platform reported mixed results for users growth.

Meta Inc Misses Estimate, First Ever Quarterly Drop

Monthly active on flagship social network Facebook came in slightly under analyst expectations at 2.93bn in the second quarter, an increase of 1 percent years over years while daily active users handily beat estimate at $1.97 billion.

 

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