Meta earnings more-than-halve as revenue narrows
By Josh White
Date: Wednesday 26 Oct 2022
(Sharecast News) - Meta Platforms reported a dire set of numbers after the close, meanwhile, with third quarter earnings more than halving to $4.39bn from $9.2bn.
That was on the back of total sales of $27.17bn, down from $29bn year-on-year, while earnings per share came in at $1.64 per share, well below the $1.90 expected by analysts.
"While we face near-term challenges on revenue, the fundamentals are there for a return to stronger revenue growth," said chief executive Mark Zuckerberg in a statement .
"We're approaching 2023 with a focus on prioritisation and efficiency that will help us navigate the current environment and emerge an even stronger company."
Meta shares ended the session down 5.59%, and were then 18.75% weaker in after-hours action.
Reporting by Josh White for Sharecast.com.
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