Facebook parent Meta posts first revenue drop in history – DW (English)

The parent company of Facebook, Meta Platforms, has posted its first-ever revenue decline on Wednesday.

The company’s revenue in the second quarter fell by 1% to $28.8 billion (28.3 billion), which was also below Wall Street projections.

The company cited a fall in advertising revenue, thanks to recession fears, a strong US dollar and increased competition as the reasons behind the drop.

Facebook is the world’s largest social networking platform. The internet giant also owns Instagram, WhatsApp and Oculus, and is making inroads into the metaverse space.

“This is a period that demands more intensity,” Meta CEO Mark Zuckerberg told analysts on a conference call on Wednesday. “Expect us to get more done with fewer resources.”

Industry growth stagnating

Meta reported that Facebook had 2.93 billion monthly active users in the second quarter — an increase of 1% but short of analyst expectations.

“The good news, if we can call it that, is that its competitors in digital advertising are…

Read Full Story: https://www.dw.com/en/facebook-parent-meta-posts-first-revenue-drop-in-history/a-62620598

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source: https://news.oneseocompany.com/2022/07/27/facebook-parent-meta-posts-first-revenue-drop-in-history-dw-english_2022072724933.html

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