Platforms shares lost further ground in after-hours trading Wednesday in light of a mixed third-quarter earnings report.delivered slightly better-than-expected revenue of $27.7 billion, but it slipped 4% from the year-ago quarter, reflecting a broad pullback by digital advertisers. Wall Street analysts had expected $27.4 billion in revenue.
Earnings per share of $1.64 fell well short of the consensus forecast for $1.90. Facebook delivered something of a bright spot, posting a 3% uptick in daily active users, reaching 1.98 billion in September.Meta shares tumbled 11% on the numbers after closing the regular session at $129.82, down almost 6%.
In its earnings release, Meta said it expects fourth-quarter revenue in the range of $30 billion to $32.5 billion, which is below the current consensus among analysts. “We are making significant changes across the board to operate more efficiently,” the company said in the release. “We are holding some teams flat in terms of headcount, shrinking others and investing headcount growth only in our highest priorities.” Overall head count is due to stay flat in the fourth quarter compared with third-quarter levels.exploration, will “grow significantly” in 2023 compared with this year, the release warned.
Source: News Formal (newsformal.com)
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