Facebook-parent Meta forecasts revenue below estimates

Meta Platforms Inc on Wednesday forecast current quarter revenue below estimates after the Facebook-parent recorded its first ever quarterly drop in revenue, amid a general weakness in the digital ad market.

The company said it expects third-quarter revenue of between $26 billion and $28.5 billion. Analysts are expecting $30.52 billion, according to IBES data from Refinitiv.

For the second quarter ended June 30, Meta said total revenue, the bulk of which comes from ads, fell to $28.82 billion from $29.08 billion a year earlier.

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