Meta shares drop as Q2 profit declines due to legal expenses and severance costs

Meta Platforms said Wednesday 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-June period. That’s down 14% from $18.34 billion, or $7.14 per share, in the same period a year earlier.