Social media giant Meta released a disappointing second-quarter earnings report, missing on revenue for the first time ever. The Facebook parent company also projected a muted outlook for the upcoming third quarter due to competition with apps like TikTok, drops in ad spends, and Apple's earlier privacy policy updates.

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Meta Misses on Revenue for First Time

Meta reported second quarter earnings after the Bell yesterday, posting its first every yearly drop in revenue. Now. The facebook parent company reported revenue of $28.8 billion versus 28.9 billion expected, with earnings per share also missing expectations at $2.46 compared to $2 and 59 cents expected. And this marks the company's first declining revenue from the year earlier, at almost 1%. That are also issued a mute outlook for the third quarter, as it deals with competition from Tiktok a drop and advertising spending and continued challenges from changes to Apple's privacy policy.