Fortune· 2h ago· 1 min read
Meta Platforms said Wednesday its second-quarter profit declined even as revenue beat Wall Street's expectations, as legal expenses and severance costs for recent layoffs weighed on its results.
The Facebook and Instagram parent company earned $15.85 billion, or $6.18 per share, in the April-June period. That's down 14% from $18.34 billion, or $7.14 per share, in the same period a year earlier.
Revenue grew 28% to $60.8 billion from $47.52 billion.
Analysts, on average, were expecting earnings of $7.19 per share on revenue of $60.22 billion, according to a poll by FactSet.
“AI is accelerating our core business today, powering our next generation of products, and opening the door to entirely new enterprise opportunities,” said CEO Mark Zuckerberg in a statement. “The results are already showing, and I’m optimistic about the potential ahead.”
Meta said the number of daily active…
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