Investors were spooked as the company's revenue trend went negative, missing analysts' average forecast for the quarter. There was one specific comment in the company's earnings call that provided a particularly gloomy picture of Meta's business trends. Explaining the company's 1% year-over-year decline in revenue and management's outlook for an even worse revenue decline in Q3, Meta Chief Financial Officer Dave Wehner said that the current economic environment is weighing on the tech company's performance. Read More...
Reuters
Brazil’s Petrobras smashes profit estimates amid divestments, Ukraine War
RIO DE JANEIRO (Reuters) -Brazil’s Petrobras smashed second quarter profit and margin estimates, boosted by divestments and higher margins in its fuel and natural gas businesses, the company said on Thursday. In a securities filing, Petroleo Brasileiro SA, as the state-run oil firm is formally known, reported a net income of 54.33 billion reais ($10.5 billion). In comments accompanying the figures, Petrobras attributed its results to strong Brent prices, as well as improved margins in its natural gas and fuels business, which includes gasoline, diesel and various other petroleum derivatives.
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