Meta earnings more-than-halve as revenue narrows

That was on the back of total sales of $27.17bn, down from $29bn year-on-year, while earnings per share came in at $1.64 per share, well below the $1.90 expected by analysts.

“While we face near-term challenges on revenue, the fundamentals are there for a return to stronger revenue growth,” said chief executive Mark Zuckerberg in a statement .

“We’re approaching 2023 with a focus on prioritisation and efficiency that will help us navigate the current environment and emerge an even stronger company.”

Meta shares ended the session down 5.59%, and were then 18.75% weaker in after-hours action.

Reporting by Josh White for Sharecast.com.