- Meta missed on the top and bottom lines and gave a troubling forecast for the third quarter.
- The shares have lost about half their value this year as marketers pull back on ad spending.
- The company said its guidance reflects “continuation of the weak advertising demand environment.”
Facebook parent Meta reported a steeper-than-expected drop in revenue, missed on earnings and issued a surprisingly weak forecast, pointing to a second consecutive decline in year-over-year sales. The shares dropped 3.8% in extended trading.
Here’s how the company did:
- Earnings: $2.46 per share vs. $2.59 per share expected, according to Refinitiv
- Revenue: $28.82 billion vs. $28.94 billion expected, according to Refinitiv
- Daily Active Users (DAUs): 1.97 billion vs 1.96 billion expected, according to StreetAccount
- Monthly Active Users (MAUs): 2.93 vs 2.94 billion expected, according to StreetAccount
- Average Revenue per User (ARPU): $9.82 vs. $9.83 expected, according to StreetAccount