Facebook parent Meta posted its first-ever revenue drop in the June 2022 quarter (Q2 2022). As per its second quarter 2022 results report, the total revenue dropped by 1 per cent YoY to $28.8 billion, and the company predicts a further revenue fall in the third quarter(July to September) to roughly $26 billion. In the last quarter, the overall profit of Meta also fell 36 per cent to $6.7 billion. Reality Labs, Meta’s division that is working on Mark Zuckerberg’s metaverse dreams, lost nearly $2.8 billion in the quarter. The fall in revenue is significant as Meta (erstwhile Facebook) sailed through multiple COVID-19 waves when the world was in fear of economic uncertainties. In Q2 2022, the company posted total revenue of $18.6 billion, while the total revenue in the second quarter of last year was $29 billion. The company’s revenue also grew annually both in 2020 and 2021. However, amid crumbling revenue, Meta said it managed to grow daily active users (DAU) margin by 3 per cent year-over-year basis. The DAU in June was 1.97 billion on average. It is still a good sign for the company as analysts feared a further drop since its DAU shrunk for the first time last year.
Related Articles
UK experts warn of miserable winter
London (TIP): British scientists have warned of a “pretty miserable winter” in the UK this year due to new respiratory viruses likely to emerge, with further lockdowns a possibility. Professor Calum Semple, member of the […]
Indian-origin man faces 16 charges for pepper-spraying police, carjacking bid in Canada’s Brampton
Oct 28, 2023 - 5:20 am EDT
@theindpanorama
Indian Americans, Indian Origin, Indians Abroad, Indo Canadian
0
TORONTO (TIP): A 24-year-old Indian-origin man is facing 16 charges for attempting to steal a vehicle and pepper-spraying responding police officers in the Canadian province of Ontario. Rajbir Singh from Brampton was charged recently with […]
Be the first to comment