Meta Platforms Inc META shares are trading lower in Thursday’s after-hours session in sympathy with Snap Inc SNAP, which reported worse-than-expected financial results.
Snap said second-quarter revenue increased 13% year-over-year to $1.11 billion, which missed the estimate of $1.14 billion, according to data from Benzinga Pro. The social media company reported a quarterly loss of 2 cents per share, which missed the estimate for a loss of 1 cent per share. Daily active users increased 18% year-over-year to 347 million.
Given uncertainties related to the operating environment, Snap said it would refrain from providing third-quarter revenue and adjusted EBITDA guidance.
Meta Platforms operates an ecosystem of social media-related applications including Facebook, Instagram, Messenger and WhatsApp.
Meta is scheduled to announce its second-quarter financial results after the market closes on July 27.
META Price Action: Meta has traded between $384.33 and $154.25 over a 52-week period.
The stock was down 4.95% in after hours at $174.10 at press time.
Photo: Gerd Altmann from Pixabay.
Image and article originally from www.benzinga.com. Read the original article here.