In this story
As fears of a global recession grow, Meta has recorded its first-ever quarterly drop, and has issued a gloomy future forecast
Shares in the company fell around 1-point-4 per cent in extended trading, as execs predict a third-quarter revenue of between 26 and $28.5 billion.
This is far short of the 30 billion analysts were hoping for.
Meta’s entire business model centres around ad sales, which fell fell 1 per cent in this increasingly competitive commercial market.
Monthly active users on he company’s flagship platform, Facebook also came in slightly under analyst expectations at 2-point-9 billion.
Meanwhile, Alphabet reported a rise in quarterly revenue on Tuesday… with sales from Google topping investor expectations.
Snap and Twitter both fell short.
