{"id":128545,"date":"2022-07-27T23:03:21","date_gmt":"2022-07-27T23:03:21","guid":{"rendered":"https:\/\/fin2me.com\/?p=128545"},"modified":"2022-07-27T23:03:21","modified_gmt":"2022-07-27T23:03:21","slug":"facebook-parent-meta-forecasts-revenue-below-estimates","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/facebook-parent-meta-forecasts-revenue-below-estimates\/","title":{"rendered":"Facebook parent Meta forecasts revenue below estimates"},"content":{"rendered":"

<\/picture> video<\/span> <\/p>\n

FOX Business Flash top headlines for July 27<\/h2>\n

Check out what’s clicking on FoxBusiness.com.<\/p>\n

Meta Platforms Inc. on Wednesday forecast current-quarter revenue below estimates after the Facebook parent recorded its first-ever quarterly drop in revenue amid a general weakness in the digital ad market.<\/p>\n

Shares of the Menlo Park, California-based company were down about 5% in extended trading.<\/p>\n\n\n\n\n\n\n
Ticker<\/th>\nSecurity<\/th>\nLast<\/th>\nChange<\/th>\nChange %<\/th>\n<\/tr>\n<\/thead>\n
META<\/td>\nMETA PLATFORMS INC.<\/td>\n169.58<\/td>\n+10.43<\/td>\n+6.55%<\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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.<\/p>\n

FACEBOOK'S META TO PAY $115K IN DOJ SETTLEMENT OF DISCRIMINATORY HOUSING AD ALLEGATIONS<\/p>\n

Meta's earnings further underscored an inflation-induced slowdown in the digital ad industry, which has been booming for decades as companies tapped the power of the internet to reach consumers.<\/p>\n

<\/picture>\n

Facebook CEO Mark Zuckerberg<\/span> (Getty Images \u00a0| \u00a0istock \/ Getty Images)<\/span><\/p>\n

Meta has been trying to fend off a string of challenges to its business, including stiff competition from TikTok and Amazon.com for ads and a revenue hit from Apple's privacy changes to mobile operating system iOS.<\/p>\n

For the second quarter ended June 30, Meta said total revenue, the bulk of which comes from ads, fell to $28.82 billion from $29.08 billion a year earlier.<\/p>\n

CLICK HERE TO READ MORE ON FOX BUSINESS<\/p>\n

Net income fell to $6.69 billion, or $2.46 per share, from $10.39 billion, $3.61 per share, a year earlier.<\/p>\n

(Reporting by Nivedita Balu in Bengaluru; Editing by Anil D'Silva)<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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