Shares of Facebook sank by nearly 8.5% in early trading on Wall Street on Thursday.
has taken a hit, “teams are going to shrink so we can shift energy to other areas inside the company.”Meta, which also owns WhatsApp, reported $28.82 billion in revenue for the second quarter, a 1% decline compared to the same period a year ago.
Net income also fell by 36% compared to the previous quarter. The company reported profits of $6.7 billion in the second quarter.The company said the disappointing results were due to a “continuation of the weak advertising demand environment we experienced throughout the second quarter, which we believe is being driven by broader macroeconomic uncertainty.”
“We’re slowing the pace of [our] investments and pushing some expenses that would have come in the next year or two off to a somewhat longer timeline.” Instagram will automatically have almost all video posts less than 15 minutes long be shared in the Reels format. That means there will be no difference between Reels and video posts.
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