Facebook represents the first 1% revenue decline in the company’s history compared to the same period last year.
American social media corporation Facebook saw a 1% drop in revenue to $28.8 billion in the second quarter. The company speculates that growth may decline further in the third quarter. This was reported by The Verge.
Meta’s parent company’s gross profit fell 36 percent to $6.7 billion. Reality Labs, the division responsible for creating Mark Zuckerberg’s metaverse, lost $2.8 billion this quarter.
According to the publication’s experts, this confirms how complicated Meta’s business has become in all areas. Apple’s new rules about tracking user data have reduced the effectiveness of iPhone ads, which cost Meta ten billion dollars in ad revenue last year alone.
Even with Meta’s declining revenues, it managed to increase Facebook’s daily users by three percent to 1.97 billion, reversing the alarming decline in users it saw a few quarters ago. Meta said 2.88 billion users now use its suite of social apps — Facebook, Messenger, Instagram and WhatsApp — every day, up four percent from last year.
It was previously reported that Meta and TikTok were fined in Russia for “LGBT propaganda”.
Mintsifra asked Meta not to block accounts for footage of killings in Ukraine
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Source: korrespondent
