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Meta Platforms falls 9% after registering its first quarterly revenue drop in history as it still reels from Apple privacy change

user avatar Author: Editors Desk Source: Business Insider:::
July 28, 2022 at 13:39
Meta CEO Mark Zuckerberg. Drew Angerer/Getty Images
Meta CEO Mark Zuckerberg. Drew Angerer/Getty Images

Meta missed second-quarter revenue and profit estimates and offered underwhelming guidance for the third quarter.

Meta Platforms plunged as much as 9% on Thursday, losing more than $40 billion in market value, after the company reported second-quarter earnings results that missed analyst expectations.

The social media giant also offered weaker-than-expected third-quarter guidance as it continues its buildout of Reels, its competitor to TikTok, and suffers from lost advertising revenue due to Apple's IDFA privacy change.

Here were the key numbers:

Revenue: $28.82 billion, down 1% from year-ago revenue of $29.1 billion and below views for $28.9 billion
Earnings per share: $2.46, versus analyst estimates of $2.55
Facebook daily active users: 1.97 billion in June, a year-over-year increase of 4%

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