Kylie Jenner and Kim Kardashian have apparently downgraded Facebook and Instagram parent Meta Platforms. Their opinion could matter as much as those of increasingly worried Wall Street analysts.
Reporting its second quarter results Wednesday, the social-media giant said it saw quarterly revenue drop for the first time ever from a year earlier. Worse, the midpoint of its third-quarter revenue forecast came in roughly 10% below Wall Street’s expectations. Analysts had been banking on a sequential top-line improvement in the current period, but Meta’s forecast suggests broader economic uncertainty could keep the pain coming. Meta’s shares fell moderately in after hours trading immediately following the report, cushioned by weak social-media competitor results last week and the biggest tech stock rally since 2020 on Fed policy optimism on Wednesday.
Meta Looks Like a ‘House of Kards’ Source link Meta Looks Like a ‘House of Kards’