Meta reports earnings miss and steeper-than-expected revenue drop

People take photos of the new “Meta” sign at the One Hacker Way in Menlo Park, as Facebook changes its company name to Meta in California, on October 28, 2021.

Meta missed on earnings and reported a bigger than expected drop in revenue. In the extended trading, the shares fell 4%.

• Earnings: $2.46 per share vs. $2.59 per share expected, according to Refinitiv
• Revenue: $28.82 billion vs. $28.94 billion expected, according to Refinitiv
• Daily Active Users (DAUs): 1.97 billion vs 1.96 billion expected, according to StreetAccount
• Monthly Active Users (MAUs): 2.93 vs 2.94 billion expected, according to StreetAccount

Since the beginning of the year, Meta shares have lost half their value as investors worry about the health of the company's core online advertising business. The unit has been hurt by a weak economy and Apple's privacy update, limiting Meta's ability to track users.

David Wehner is taking on a new role as chief strategy officer. Susan Li is the company's current vice president of finance.

Executives will discuss the results on a conference call. There is an hour and a half later.

The story is getting better.

Meta, a small company, is suing Facebook.