Meta Platforms Q2 Results Decline

(RTTNews) - Meta Platforms, Inc. (META) on Wednesday posted lower results in the second quarter. The company posted net income of $6.69 billion or $2.46 per share in the three-month period, down 36 percent from $10.4 billion or $3.61 per share in the same period last year.

Total revenue fell to $28.8 billion from $29.1 billion a year ago.

On average, 40 analysts expected the company to post earnings of $2.61 per share on revenues of $28.9 billion in the second quarter.

Looking ahead, the company anticipates third quarter 2022 total revenue to be in the range of $26-28.5 billion. Meta Platforms said that the outlook reflects a continuation of the weak advertising demand environment experienced throughout the second quarter, which is being driven by broader macroeconomic uncertainty.

Separately, the company also announced that effective November 1, 2022, current Chief Financial Officer David Wehner will take on a new role as Meta's first Chief Strategy Officer, where he will oversee the company's strategy and corporate development. Susan Li, current Vice President of Finance, will be promoted and serve as Meta's Chief Financial Officer.