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Meta shares drop as Q2 profit declines due to legal expenses and severance costs
Meta Platforms reported a 14% decline in Q2 profit to $15.85 billion due to legal expenses and severance costs from recent layoffs, despite a 28% revenue increase to $60.8 billion. The company's shares fell 4.2% in after-hours trading, and CEO Mark Zuckerberg highlighted AI's role in driving future growth. Total expenses rose 55% year-over-year to $42.03 billion, including $2.4 billion in legal charges and $1.18 billion in severance.
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