Facebook-owner Meta records revenue drop for first time

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Facebook-owner Meta records revenue drop for first time

By Alexandra Leonards

28/7/2022

Meta, formerly Facebook, has recorded its first revenue drop in the company’s 18-year history.

In the second quarter, total revenue declined by one per cent from $29 billion last year to $28.8 billion.

The company said it expects total revenue for the third quarter to be even lower due to weak advertising demand which it attributed to broader macroeconomic uncertainty.

The social media giant expects income of between $26-28.5 billion in the next quarter.

Meta said that it anticipates its third quarter Reality Labs revenue will also be lower than second quarter revenue.

"It was good to see positive trajectory on our engagement trends this quarter coming from products like Reels and our investments in AI," said Mark Zuckerberg, Meta founder and chief executive. "We're putting increased energy and focus around our key company priorities that unlock both near and long term opportunities for Meta and the people and businesses that use our services."

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