Earnings Results: Facebook says Middle East war is hurting ad spending

by | Oct 25, 2023 | Stock Market

Shares of Meta Platforms Inc. were giving back their gains in Wednesday’s extended session after the Facebook parent company easily topped earnings expectations but spooked Wall Street with its talk of the future. Meta
Chief Financial Officer Susan Li shared on Meta’s earnings call that the company has seen softness in the advertising market following the start of the Middle East war, which has created “greater uncertainty” and “volatility” in the current quarter.

“While we don’t have material direct revenue exposure to Israel and the Middle East, we 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,” she shared. The commentary dov …

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