Meta Platforms (META) announced its Q2 financial results after the closing bell in the US on Wednesday.

The social media giant fell short of analyst expectations for the quarter.

Revenue reported at $28.822 billion in Q2 (down by 1% year-over-year), vs. analyst estimate of $28.908 billion.

Earnings per share at $2.46 per share (down by 32% year-over-year) vs. $2.54 per share expected.

“It was good to see positive trajectory on our engagement trends this quarter coming from products like Reels and our investments in AI,” Mark Zuckerberg, Meta founder and CEO said in a press release following the announcement of the latest results.

“We’re putting increased energy and focus around our key company priorities that unlock both near and long term opportunities for Meta and the people and businesses that use our services,” Zuckerberg added.

Q3 2022 projections

David Wehner, CFO of Meta: “We expect third quarter 2022 total revenue to be in the range of $26-28.5 billion. This outlook reflects a continuation of the weak advertising demand environment we experienced throughout the second quarter, which we believe is being driven by broader macroeconomic uncertainty. We also anticipate third quarter Reality Labs revenue to be lower than second quarter revenue. Our guidance assumes foreign currency will be an approximately 6% headwind to year-over-year total revenue growth in the third quarter, based on current exchange rates.”

Meta Platforms (META) chart*

*Meta Platforms (META) is displayed as Facebook Inc. (FB) on the GO Markets MetaTrader 5 platform

Share price of Meta was up by 6.55% at the closing bell on Wednesday, trading at $169.32 per share. The stock fell by around 3% in the after-hours trading.

Here is how the stock has performed in the past year:

• 1 Month +1.76%
• 3 Month -4.64%
• Year-to-date -50.40%
• 1 Year -55.31%

Meta Platforms price targets

• Keybanc $190
• Mizuho $250
• Rosenblatt $181
• Deutsche Bank $235
• Morgan Stanley $280
• Credit Suisse $245
• Citigroup $270
• Cowen & Co. 275

Meta Platforms is the 11^th largest company in the world with a market cap of $451.42 billion.

You can trade Meta Platforms (META) and many other stocks from the NYSE, NASDAQ, HKEX and the ASX with GO Markets as a Share CFD.

Sources: Meta Platforms, TradingView, MetaTrader 5, Benzinga, CompaniesMarketCap