Meta Stock Tumbles On First-Ever Revenue Decline, Q2 Earnings Miss

Updated at 5:01 pm EST

Meta Platforms (META) – Get Meta Platforms Inc. report posted weaker-than-expected second quarter earnings Wednesday, as well as its first revenue decline since going public in 2012, while taking another $2.8 billion loss in its developing metaverse division.

The Facebook parent said profits for the three months ending in June were pegged at $2.46, down 31% from the same period last year and firmly behind the Street consensus forecast of $2.59 per share.

Group revenues, Meta said, fell 3% to $28.82 billion, nearly all of it coming from the new ‘Family of Apps’ division the company created last year, missing analysts’ estimates of a $28.95 billion tally. Ad impressions rose 15%, Meta said.

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