Meta Platforms Q2 Earnings Report
Meta Platforms (NASDAQ: META) reported a significant drop in its earnings on July 26, 2023, causing its stock to plunge more than 10% in after-hours trading. The company’s earnings per share (EPS) fell to $6.18, missing estimates of $7.22 and down from $7.14 in the previous quarter.
Despite a revenue increase of 28% to $60.8 billion, surpassing estimates of $60.3 billion, the rise in expenses—primarily due to one-time legal costs and severance payments—led to investor concerns. Meta’s capital expenditures are now projected to be between $130 billion and $145 billion, with free cash flow of less than $1 billion during the quarter.
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