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July 30, 2026

Meta shares down over layoff costs

MENLO PARK, Calif. (AP) — Meta Platforms says its second-quarter profit declined even as revenue beat Wall Street's expectations, as legal expenses and severance costs for recent layoffs weighed on its results.

The Facebook and Instagram parent company earned $15.85 billion, or $6.18 per share, in the April to June period. That's down 14% from $18.34 billion, or $7.14 per share, in the same period a year earlier. Revenue grew 28% to $60.8 billion. Total expenses were $42.03 billion, an increase of 55% year-over-year. Meta said Wednesday this includes $2.40 billion of charges related to legal proceedings and $1.18 billion of severance expenses in connection with the layoffs announced in May.


 
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