S&P 500 falls as Meta slump triggers tech wobble
Investing.com -- The S&P 500 fell Thursday, pressured by a Meta-led slump in tech as concerns about slowing advertising growth offset better-than-expected quarterly results.) fell more than 3% after it flagged weaker advertising demand seen in the fourth quarter so far. Concerns about slowing growth overshadowed Q3 results that beat analyst estimates on both the
“e have observed softer ad spend in the beginning of the fourth quarter, correlating with the start of the conflict, which is captured in our Q4 revenue outlook,” the company said in its Q3 earnings call following the quarterly results on Wednesday.The company said now expects full-year 2023 consolidated revenue of $91.3B to $92.3B, down from a prior estimate of $93B, as unfavorable macro-economic conditions weigh on demand.
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