Wall Street

Meta posts first-ever revenue drop as inflation throttles ad sales

Published by
Reuters UK

By Katie Paul and Nivedita Balu (Reuters) -Meta Platforms Inc issued a gloomy forecast after recording its first ever quarterly drop in revenue on Wednesday, with a global recession looming and competitive pressures weighing on its digital ads sales. Shares of the Menlo Park, California-based company were down about 3.4% 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. Total revenue, which consists almost entirely of ad sales, fell 1% to $28.8 billion i…

Read More

Share this Story
Load More Related Articles
Load More In Wall Street