Facebook has reported its first-ever revenue miss and continued poor earnings, with forecasts expecting a second straight quarter of declining sales. The social media Masters of the Universe missed analysts’ estimates for both revenue and earnings.
CNBC reports that Facebook (now known as Meta) recently reported a worse-than-expected drop in revenue, missed on earnings, and gave a weak forecast for the future. Further poor performance could see a second consecutive decline in year-over-year sales. Facebook shares fell by 5.65 percent in intraday trading on Thursday.
CNBC reported the following figures for the company:
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