Meta reported its second quarter of falling sales in Q2 2022, with its revenue missing market expectations in a crushing blow to the social media company.
The Facebook parent group also confirmed a weak forecast for Q3, noting the updated Apple iOS privacy policy and a weakened economic environment as factors which knocked down its income.
Meta announced a $28.8 billion revenue against the $28.9 billion expected, with an average revenue per user of $9.82 compared to the projected amount of $9.83.
The firm also highlighted a $2.46 EPS from the expected EPS of $2.59.
Meta commented its daily active users met expectations at 1.97 billion compared to the anticipated 1.96 billion, and its monthly active users hit 2.93 billion against the projected 2.94 billion.
The social media giant has seen approximately half its share value wiped off the market in the year-to-date, with the company’s declining earnings and revenue unsettling investors, alongside its weak outlook.
The company said it expected a revenue between $26 billion to $28.5 billion in Q3, below the $30.5 billion analyst expectation and representing a slide of 2% to 11% year-on-year.
Meta shares were down 5.1% to 1,605c in early afternoon trading on Thursday.