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The company Meta suffers a drop in income for the first time

2022-07-28 12:40:00, Tech CNA

The company Meta suffers a drop in income for the first time

Meta, the parent company of the social network, Facebook, has suffered a decline in revenue for the first time.

This fact marks a new era for Facebook, which has consistently reported growth since 2012.

Forecasts for the coming months have shown no signs of improvement, and Facebook founder Mark Zuckerberg has said the company plans to focus on the long term.

Meta's revenues fell in the second quarter by nearly 1 percent to $28.8 billion, while profits by 27 percent to about $6.7 billion.

The chief operating officer, Sheryl Sandberg, has said that the strengthening of the US dollar has made exchange rates unfavorable.

Chief financial officer Dave Wehner said the decline in online marketing at a time of economic uncertainty is another reason for the decline.

Facebook has 1.97 billion daily users.

Meta also owns other platforms such as WhatsApp and Instagram./REL





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