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Meta shares drop as Q2 profit declines due to legal expenses and severance costs
['Abc News']
ABC News: Business
(AP Photo/Jeff Chiu, File)FILE - A Meta logo is shown on a video screen at LlamaCon 2025, an AI developer conference, in Menlo Park, Calif., April 29, 2025.
(AP Photo/Jeff Chiu, File)FILE - A Meta logo is shown on a video screen at LlamaCon 2025, an AI developer conference, in Menlo Park, Calif., April 29, 2025.
The Menlo Park, California-based company had 75,472 employees as of June 30, a decrease of 1% year-over-year.
Meta also raised the lower end of its expense outlook to incorporate the $2.4 billion in legal expenses.
Meta said this includes $2.40 billion of charges related to legal proceedings and $1.18 billion of severance expenses in connection with the layoffs announced in May.