Technology

Meta’s revenue fell 1 percent year-on-year to $28.8 billion

Meta's revenue fell 1 percent year-on-year to $28.8 billion
Meta CEO Mark Zuckerberg said in a conversation with analysts that the company will cut headcount next year as it tightens its belt for the economic slowdown.

Facebook’s parent company Meta has released its latest quarterly reports. The company reported a sharper-than-expected drop in revenue, missed earnings, and posted a surprisingly weak forecast. Shares of the company also fell 3.8 percent in extended trading, marking the second consecutive year-over-year decline in sales .

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The company’s net profit fell 36 percent in the second quarter to $6.7 billion

Meta’s revenue in the second quarter of this year decreased by 1 percent compared to the same period last year, to $28.8 billion . The company generated $29.1 billion in revenue in the second quarter of 2021. This decline caused Meta’s revenue to decline for the first time. The company’s net profit also fell 36% in the second quarter to $6.7 billion . The company’s earnings per share, which was $3.61 in the second quarter of 2021, also decreased to $2.46 in the same period of this year.

The company’s last COO , Sheryl Sandberg , attributed this loss of revenue to the depreciation of the euro. In the meantime, let’s not forget that the new COO of Meta was appointed as the COO of Javier Olivan instead of Sanberg.

Increase in the number of daily and monthly active users of Facebook

In this period, an increase was observed in the number of daily and monthly active users of Facebook. The number of daily active users of Facebook increased by 3 percent on an annual basis as of June, reaching 1.97 billion . The number of monthly active users of the platform increased by 1 percent to 2.93 billion in the same period .

Meta shares have lost nearly half of their value since the start of the year, underscoring investors’ concerns about the health of the company’s core online advertising business. Meta CEO Mark Zuckerberg said in a conversation with analysts that the company will cut headcount next year as it tightens its belt for the economic slowdown. Meta warned its employees about difficult times earlier this month ; With the internal memo shared with the signature of Meta CPO Chris Cox, it was conveyed to the employees that the second half of 2022 would be difficult for Meta.

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