> We expect third quarter 2022 total revenue to be in the range of $26-28.5 billion. This outlook reflects a continuation of the weak advertising demand environ

> We expect third quarter 2022 total revenue to be in the range of $26-28.5 billion. This outlook reflects a continuation of the weak advertising demand environment we experienced throughout the second quarter, which we believe is being driven by broader macroeconomic uncertainty. ... "Macroeconomic uncertainty" is almost certainly code for "fear about an impending recession." An advertising company like Facebook is especially vulnerable given that ad spending is one of the first things to go when companies start losing customers/revenue/investors in the early phases of a downturn.