Facebook parent Meta forecasts revenue below estimates

Shares of the California-based company were down about 5%

The Facebook parent recorded its first-ever quarterly drop in revenue, amid a general weakness in the digital ad market.

Facebook owner Meta Platforms on Wednesday forecast current quarter revenue below estimates after the Facebook parent recorded its first-ever quarterly drop in revenue, amid a general weakness in the digital ad market.

Shares of the Menlo Park, California-based company were down about 5% in extended trading.