Facebook owner Meta Platforms had reported the second-quarter results by this late Wednesday that missed estimates and had also reported its first quarterly revenue decline. The Meta earrings reports caused the stock to fall.

HIGHLIGHTS
Meta earrings reports have made the stocks to fall due to second-quarter decline
Meta had already warned its employees to brace for a tough second half
Expectation of 2022 total expenses is to range between $85 billion to $88 billion

The company had reported adjusted earnings of $2.46 a share on revenue of $28.8 billion. Analysts had expected Meta to report earnings of $2.54 a share on revenue of $29 billion.

It was the first time Meta had reported its first quarterly decline from the year-ago period, down from $29 billion. Its revenue outlook had also missed expectations.

For its third quarter, Meta had expected revenue within the range of $26 billion to $28.5 billion.

In the written remarks with the Meta earnings release Meta Chief Financial Officer David Wehner has mentioned that 'the outlook had reflected a continuation of the weak advertising demand environment that we had experienced throughout the second quarter, that we believe would have being driven by broader macroeconomic uncertainty.'

Well, Meta stock got dropped to 2.8% to 164.77, during after-hours of trading on the stock market.

According to the Chief Executive Mark Zuckerberg in the earnings release, 'we have been putting increased energy and focus around our key company priorities that would unlock both near and long term opportunities for Meta along with people and businesses that would use our services.'

Various media outlets have reported during late June that Meta had already warned its employees to brace for a tough second half. Well, the company has been coping with pressure on its core ads business. CEO Mark Zuckerberg has mentioned that he had anticipated one of the worst downturns in recent times.

Meta has been undergoing a serious and costly shift from social networking to the metaverse. It has been facing many other challenges as well. Well, in order to get some profit, Meta has been clipping on operational expenses.

CFO Wehner has mentioned that 'we have been expecting 2022 total expenses to be within the range of $85 billion to $88 billion, lowered from our previous outlook of $87 billion to $92 billion.'

Also Read: Meta to cut-off hiring plans girds for 'fierce, headwinds