Facebook parent Meta Platforms beat estimates for reduced quarterly revenue on Wednesday as its dominance of the online ad market helped it attract a steady stream of business from recession-wary companies looking to reach a wider audience.
Revenue in the third quarter fell for a second straight time to $27.71 billion (€27.5 billion) from $29.01 billion, but above the $27.38 billion expected, on average, by analysts.
The company forecast fourth-quarter revenue between $30 billion and $32.50 billion, compared with estimates of $32.20 billion, according to Refinitiv data.
Net income fell to $4.40 billion, or $1.64 per share, from $9.19 billion, or $3.22 per share, a year earlier.
Shares, which had slid 5.59 per cent ahead of the figures, dropped further in after-hours trade. It is the latest of the big tech firms to report a weakened performance.
Chief executive Mark Zuckerberg, who has invested heavily in hopes for a metaverse, said: “While we face near-term challenges on revenue, the fundamentals are there for a return to stronger revenue growth.”
But chief financial officer Susan Li said the company was making “significant changes across the board” to operate more efficiently. — Reuters
