The daily business briefing: October 27, 2022

Meta shares plunge after quarterly revenue drops, mortgage rates rise above 7 percent, and more

Meta
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1. Meta shares plunge as revenue drops

Meta shares fell 19 percent in after-hours trading after the Facebook and Instagram parent company reported Wednesday that its quarterly revenue dropped 4 percent compared to a year earlier. Meta's revenue of $27.7 billion was in line with analysts' predictions, although earnings fell short of expectations. Meta said the decline came as companies cut back on digital advertising amid high inflation, a trend reflected in disappointing earnings from Google parent company Alphabet and software maker Microsoft a day earlier. Another reason for the ad slump was a new privacy rule by Apple requiring apps to ask user permission to track their data, making it harder to target users with personalized ads.

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