The parent company of Facebook and Instagram, Meta, reported its first revenue fall in company history on Thursday due to a decline in ad expenditure as the economy deteriorates and as rival TikTok’s competition grows.
Following the results, the company’s stock modestly declined, indicating Wall Street was mostly anticipating the disappointing earnings report.
In April and June, the corporation generated earnings of $6.69 billion, or $2.46 per share. This represents a 36% decrease from $10.39 billion, or $3.61 per share, during the same time in 2016.
Revenue came in at $28.82 billion, a 1% decrease from $29.08 billion in the prior year.
According to a FactSet poll, analysts were anticipating earnings of $2.54 per share on revenues of $28.91 billion.
In after-hours trading, Meta Platforms Inc. shares dropped 58 cents to $169.
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