Meta’s decade-long revenue streak comes to a crashing halt as company slows hiring
Meta’s Q2 earnings reveal a steep drop in revenue, with earnings missing Wall Street estimates and weakened forecasts pointing to a rocky future for the holding company. A waning digital ad market is spelling rough waters ahead for Meta, as it tussles with TikTok and a tumultuous stock market in its bid to restore investor confidence.
Facebook, Meta’s primary cash cow, reported its first-ever yearly decline in revenue for Q2, announcing a 1% drop to $28.8 billion. Overall profit for its parent company, Meta, fell 36% to $6.7 billion.
