Facebook with first Historical Drop in Revenue

Business | July 29, 2022, Friday // 10:27
Bulgaria: Facebook with first Historical Drop in Revenue @Dries Buytaert

The social network Facebook for the first time in its history reported a decline in revenues - for the second quarter they fell by 1% to 28.8 billion dollars.

The drop in revenue for the third quarter is expected to be even greater, reports The Verge.

Parent company Meta's total profit fell 36% to $6.7 billion. Reality Labs, the division responsible for creating Mark Zuckerberg's meta-universe, lost $2.8 billion in the second quarter.

Apple's "Ask not to track" app has reduced the effectiveness of ads, with iPhone users alone losing $10 billion in ad revenue last year alone. The application, combined with the global recession and crises forced advertisers to reduce their spending.

Although Meta's revenue is down, the company still saw daily Facebook users grow by 3% to 1.97 billion.

The company now counts 2.88 billion users who use the company's suite of applications - Facebook, Messenger, Instagram and WhatsApp.

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Tags: revenue, drop, Facebook, Meta

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