.Facebook parent Meta reports first-ever decline in revenue in second quarter
The company earned $28.8 billion in quarterly revenue, according to the quarterly earnings report released on Wednesday, a 1% drop, the first such decline in its history.Meta reported that its user base grew 3% to 1.97 billion users. The company also posted a net profit of $6.7 billion, the third quarter in a row in which Meta's bottom line has dropped.
Meta's struggle to maintain its growth rate reflects the company's adaptation to the digital advertising market. Meta is also going through a notable amount of change to its platform and leadership. The company decided to overhaul its Facebook feed design to divide its mobile home page into two tabs in an attempt to resemble its competitor TikTok.
Microsoft and Google failed to match Wall Street's estimates for the quarter. Twitter, Tesla, and Snap also saw their revenue drop in the second quarter. While many of these companies' struggles are affected by several unique variables, they are also struggling to adapt to the high rates of inflation.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Zuckerberg has a plan to rescue Meta, but can he convince his own employees?'Realistically, there are probably a bunch of people at the company who shouldn’t be here.'
Read more »
Meta will stop paying US publishers to put their content in Facebook’s News tabThe three-year 'experiment' is over as Facebook and IG shift focus, again.
Read more »
So Meta! Stranger Things’ Joseph Quinn, Metallica Perform at LollapaloozaStranger Things’ Eddie Munson, played by Joseph Quinn, is a big fan of Metallica — get the details on their Lollapalooza duet
Read more »
So Meta! Stranger Things’ Joseph Quinn, Metallica Perform at LollapaloozaStranger Things’ Eddie Munson, played by Joseph Quinn, is a big fan of Metallica — get the details on their Lollapalooza duet
Read more »
Spain reports 2 deaths from monkeypox, thought to be Europe's firstSpain reported its first death Friday, the same day that Brazil also reported its first death from monkeypox, and its second death Saturday.
Read more »
This Sunscreen Has Been My Holy Grail for Dewy Skin This SummerGlow Recipe’s first-ever sunscreen delivers a non-greasy finish.
Read more »