Facebook earnings cut in half, Meta stock heads toward lowest prices in more than 6 years – MarketWatch
Facebook parent Meta Platforms Inc. on Wednesday became the latest tech titan tattooed by a precipitous drop in digital advertising, reporting less than half the profit it had in the same quarter a year ago and sending its stock toward the lowest prices in more than six years.
Meta META, -5.59% posted third-quarter earnings of $4.39 billion, or $1.64 a share, down from $9.2 billion, or $3.22 a share last year. Total sales, most of which come from ads, were $27.17 billion, down from $29 billion a year ago. Both results missed the average forecast for profit of $1.90 a share and sales of $27.44 billion, according to analysts polled by FactSet.
Meta executives issued a fourth-quarter revenue forecast of $30 billion to $32.5 billion, while analysts were forecasting $32.3 billion.
Daily active users, which edged up 3% to 1.98 billion, were in line with analysts’ projections of 1.98 billion for the quarter.
“While we face near-term challenges on revenue, the fundamentals are there for a…
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source: https://news.oneseocompany.com/2022/10/26/facebook-earnings-cut-in-half-meta-stock-heads-toward-lowest-prices-in-more-than-6-years-marketwatch_2022102634431.html
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