Meta Falls as Sales Miss Estimates in First-Ever Quarterly Drop

Meta Platforms Inc., the social media giant that includes Facebook and Instagram, reported its first-ever quarterly sales decline, citing advertisers’ shrinking budgets.

Meta revenue slipped to $28.8 billion in the second quarter, missing the $28.9 billion average analyst estimate. The company’s forecast for the current period also fell short. The shares fell as much as 8.7%, the biggest drop in two months.