CLMeta Platforms Inc., owner of Facebook, Instagram, and WhatsApp, reported second-quarter financial results that disappointed investors. The company's revenue of $60.8 billion exceeded market expectations of $60.17 billion, but earnings per share of $6.18 fell short of the anticipated $7.22. Additionally, Meta lowered its revenue projections for the current quarter to an average of $62.5 billion, below the previously expected $63.15 billion. The company also reduced its capital expenditure guidance to between $130 billion and $145 billion, down from the previous range of $125 billion to $145 billion. Free cash flow dropped significantly to $784 million compared to $8.55 billion in the same period last year. As a result, Meta's stock price fell 7.37% in after-hours trading, while the Nasdaq rose approximately 5% over the same period.
Bias read (Center): The article provides a factual account of Meta's financial performance without apparent ideological framing. It reports figures objectively, citing market expectations and outcomes without taking a stance on the implications or assigning blame.
