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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.
Shares of the Menlo Park, California-based company were down about 5% in extended trading.
|META||META PLATFORMS INC.||169.58||+10.43||+6.55%|
The company said it expects third-quarter revenue of between $26 billion and $28.5 billion. Analysts were expecting $30.52 billion, according to IBES data from Refinitiv.
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Meta's earnings further underscored an inflation-induced slowdown in the digital ad industry, which has been booming for decades as companies tapped the power of the internet to reach consumers.