Meta Platforms Inc. META shares are trading lower Wednesday in sympathy with Alphabet Inc. GOOG after the company reported third-quarter results showing an advertising slowdown.
What Happened: Alphabet said third-quarter revenue increased 6% year-over-year to $69.09 billion, which missed average analyst estimates of $70.91 billion, according to Benzinga Pro. The company reported quarterly earnings of $1.06 per share, which missed average estimates of $1.27 per share.
Within the Google Ad segment, Alphabet reported revenue of $39.54 billion for Search, $7.07 billion for YouTube ads and $7.87 billion for Google Network. Both Network and YouTube ad revenue were down compared to the prior year’s quarter. YouTube’s ad revenue decreased on a year-over-year basis for the first time since the company started reporting the YouTube division separately in 2019.
Related Link: Why Alphabet Stock Is Falling Today
Meta is scheduled to report its third-quarter financial results after the close. The company is expected to report earnings of $1.91 per share on quarterly revenue of $27.53 billion, according to Benzinga Pro.
META Price Action: Meta has a 52-week high of $353.83 and a 52-week low of $122.53.
The stock was down 4.3% at $131.60 at time of publication.
Photo: Gerd Altmann from Pixabay.