Earnings per share were $2.46. Analysts polled by FactSet had expected earnings of $2.54 per share on revenue of $28.91 billion.
–
At the same time, Meta Platforms said it expects revenue in the range of $26 billion to $28.5 billion in the third quarter. That’s significantly less than analysts’ estimates, which expect sales of up to $30.52 billion.
–
Meta’s results point to a slowdown in the digital advertising industry due to inflation. That also weakens competitors like Alphabet and Snap. Meanwhile, the digital advertising market has experienced explosive growth for several decades as companies harness the power of the Internet to reach consumers.
–
Meta’s business is threatened by a number of problems. These include strong competition from TikTok and Amazon.com in the advertising market. Its sales have also been hit by Apple’s privacy changes in its iOS mobile operating system.
–
The number of users who use at least one of the group’s apps daily increased to 2.88 billion from 2.87 billion. In addition to Facebook and Instagram, the company also owns WhatsApp.
–
The company’s shares gained 6.6 percent on Wednesday. After the end of official trading on the stock exchange, however, in response to economic results, they fall, depreciating by more than four percent, Reuters wrote.
—
