Meta sees first ever quarterly drop, misses estimates

Meta Platforms Inc has issued a gloomy forecast after recording its first-ever quarterly drop in revenue, with recession fears and competitive pressures weighing on its digital advertisement sales.

Shares of the Menlo Park, California-based company were down about 4.6 percent in extended trading.

The company said on Wednesday it expects third-quarter revenue to come in at $26bn to $28.5bn, which would make it a second year-over-year drop in a row. Analysts were expecting $30.52bn, according…