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August 18, 2022
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Business

Facebook-parent Meta forecasts revenue below estimates

Published by
Reuters UK

(Reuters) – 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. Shares of the Menlo Park, California-based company were down about 5% 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. Meta’s earnings further underscored an inflation-induced slowdown in the digital ad industry, which has been booming f…

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