VOA News | Thursday, July 28, 2022 
Meta Posts First Revenue Drop as Inflation Throttles Ad Sales

Meta Platforms Inc. issued a gloomy forecast after recording its first ever quarterly drop in revenue Wednesday, with recession fears and competitive pressures weighing on its digital ads sales. Shares of the Menlo Park, California-based company were down about 4.6% in extended trading. The company said it expected third-quarter revenue to be in the range of $26 billion to $28.5 billion, which would be a second consecutive year-over-year drop. 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 ended June 30, from…Read more