Earnings more than halve at Facebook even as revenue beats forecasts

Facebook parent Meta Platforms beat estimates for reduced quarterly revenue on Wednesday as its dominance of the online ad market helped it attract a steady stream of business from recession-wary companies looking to reach a wider audience.

Revenue in the third quarter fell for a second straight time to $27.71 billion (€27.5 billion) from $29.01 billion, but above the $27.38 billion expected, on average, by analysts.

The company forecast fourth-quarter revenue between $30 billion and $32.50 billion, compared with estimates of $32.20 billion, according to Refinitiv data.

Net income fell to $4.40 billion, or $1.64 per share, from $9.19 billion, or $3.22 per share, a year earlier.

Wave of innovation aims to make desalination sustainable

---

Smart heater gives greater control over comfort and cost

---

Helping stressed-out GPs manage staffing issues in the workplace

---

Card data suggests it’s not all doom and gloom in the hospitality sector

---

Shares, which had slid 5.59 per cent ahead of the figures, dropped further in after-hours trade. It is the latest of the big tech firms to report a weakened performance.

Chief executive Mark Zuckerberg, who has invested heavily in hopes for a metaverse, said: “While we face near-term challenges on revenue, the fundamentals are there for a return to stronger revenue growth.”

But chief financial officer Susan Li said the company was making “significant changes across the board” to operate more efficiently. — Reuters