Meta posts decline in revenue, issues weak forecast
Revenue of the company fell 1% to $28.82 billion in the second quarter
By Shubhangi Mathur
Published - Jul 27, 2022, 07:40 PM ET
Last Updated - Jul 18, 2023, 04:41 PM EDT
Meta Platforms Inc (NASDAQ: META) reported decline in revenue due to updated privacy policy of Apple Inc (NASDAQ: AAPL) and slump in advertising budgets.
Revenue of the company fell 1% to $28.82 billion in the second quarter, compared to expectations of $28.94 billion, according to Refinitiv.
Facebook-parent Meta also issued weak revenue forecast in the range of $26 billion to $28.5 billion, lower than average analyst estimate of $30.5 billion, according to Refinitiv.
Meta CEO Mark Zuckerberg also said that the company will be reducing headcount over the next year.
Picture Credits: Getty Images
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