Meta shares drop 7% after Q2 earnings miss, revenue guidance light

Meta Platforms shares plunged more than 7% on July 29, 2026, after the company reported second-quarter earnings that missed analyst estimates for earnings per share.

The company said it expects third-quarter revenue between $61 billion and $64 billion, or $62.5 billion at the midpoint. Analysts polled by LSEG had expected $63.15 billion. Meta noted that the guidance assumes currency headwinds of about 1% to year-over-year revenue growth.

Daily active people, a key user metric, reached 3.6 billion but fell short of the 3.61 billion estimate.

Meta also narrowed its full-year capital expenditure forecast to a range of $130 billion to $145 billion, from a prior range of $125 billion to $145 billion.

On the earnings call, investors will focus on how CEO Mark Zuckerberg plans to monetize artificial intelligence efforts. In July 2026, Meta debuted the Muse Spark 1.1 model, which AI chief Alexandr Wang called the “strongest model for agentic and coding work yet” and cheaper than offerings from OpenAI and Anthropic.