Meta Shares Fall 2%

Meta Platforms Inc (NASDAQ:META) shares fell more than 3% after-hours after the company reported Q2 results, with EPS of $2.46 coming in worse than the consensus estimate of $2.56. Revenue came in at $28.82 billion, slightly below estimates of $28.94 billion.

Family daily active headcount (DAP) increased 4% year-over-year to an average of 2.88 billion in June 2022. Family monthly active persons (MAP) reached 3.65 billion as of June 30, 2022, up 4% year-on-year. "It was good to see a positive trajectory in our engagement trends this quarter, driven by products like Reels and our investments in AI," said Mark Zuckerberg, founder and CEO of Meta. "We are putting more energy and focus on our core company priorities that unlock both near- and long-term opportunities for the people and businesses that use Meta and our services." The company announced Q3 guidance that came in worse than consensus estimates. Total revenue for the third quarter is expected to be in the range of $26-28.5 billion, reflecting a continuation of the weak ad demand environment experienced during the second quarter. The Wall Street consensus expected revenue of $30.52 billion. The company also expects Reality Labs' Q3 revenue to be lower than Q2 revenue.

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