CORPORATE RESULTS: Facebook owner Meta posts first quarterly drop in revenue as fortunes in digital ad sales diverge

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.

Total revenue, which consists almost entirely of ad sales, fell 1% to $28.8-billion in the second quarter to June 30, from $29.1 billion last year. The figure slightly missed Wall Street’s projections of $28.9-billion,Monthly active users on flagship social network Facebook came in slightly under analyst expectations at 2.93 billion, while daily active users in the second quarter handily beat estimates at 1.97 billion.

Like many global companies, Meta is facing some revenue pressure from the strong dollar, as sales in foreign currencies amount to less in dollar terms. Meta said it expected a 6% revenue growth headwind in the third quarter, based on current exchange rates. Still, the Meta results come as fortunes in online ads sales appear to be diverging between search and social media players, with the latter affected more severely as ad buyers reel in spending.

Alphabet, the world’s largest digital ad platform, reported a rise in quarterly revenue on Tuesday, with sales from its biggest moneymaker – Google search – topping investor expectations.

Why does the Information Regulator have to spend their budget traveling around to create awareness about the POPI Act, whereas the Government can simply create awareness on television like they did with COVID

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