Meta Suffers Its First Year-To-Year Revenue Dip As Facebook Parent Misses Wall Street Q2 Forecasts
deadline.comFacebook parent Meta Platforms reported its first quarterly drop in year-to-year revenue, and earnings per share also slid 32% as worsening economic conditions combined with increased competition to squeeze results.
Along with the financial results, which largely undershot Wall Street analysts’ forecasts, the company said Chief Financial Officer David Wehner will take on a new role as the company’s first chief strategy officer, guiding strategy and corporate development.
He will be replaced as CFO by Susan Li, currently Meta’s VP of finance. The transition will take effect on November 1. Revenue totaled $28.8 billion in the quarter ending June 30, down about 1% and slightly below the Street’s expectation.
Earnings of $2.46 a share came in well shy of analysts’ $2.61 target, which was already a dollar below the year-ago level of $3.61.
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