Meta shares fall 7% after earnings miss on lower-than-expected profit

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Meta shares fall 7% after earnings miss on lower-than-expected profit
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Earnings per share came in at $6.18 for the quarter, compared with an expected $7.22 according to analyst firm LSEG, CNBC reports.

Revenue for Facebook's parent company was $60.80 billion, compared with the expected $60.17 billion.

According to CNBC, Meta's Reality Labs unit, which develops VR in combination with AI, continues to bleed money. The unit lost $4.6 billion in the quarter. However, this was less than the expected $5 billion, according to the analysis firm StreetAccount.

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By TT News AgencyEnglish edition by Sweden Herald, adapted for our readers

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