Meta Cuts Quarterly Revenue For The First Time
The American Meta Platforms recorded a decrease in revenue in the second quarter against the backdrop of a decrease in advertising revenue.
The decrease in revenue in annual terms was noted for the first time in the history of the company.
In April-June 2022, Meta’s revenue decreased by 1% to $28.82 billion compared to $29.08 billion in the same period last year. Wall Street experts on average predicted Meta’s quarterly revenue at $28.9 billion.
The company’s net profit fell 36% to $6.69 billion from $10.39 billion a year earlier. Earnings per share fell to $2.46 from $3.61, with market consensus of $2.56.
The number of Facebook social network users with account activity at least once a month (MAU) at the end of June amounted to 2.93 billion people, an increase of 1% over the year. The number of daily active users (DAU) increased by 3% to 1.97 billion.
The company estimates that about 2.88 billion people in the world use Facebook, Instagram, WhatsApp or Messenger daily and about 3.65 billion people at least once a month. Both of these indicators increased by 4% over the year.
Meta’s advertising revenue in the second quarter decreased by 1.5% to $28.15 billion from $28.58 billion.
According to Meta’s forecast, in the third quarter of this year, its revenue will be $ 26-28.5 billion, which will be at least 10% lower than in July-September last year. The consensus forecast of experts assumes that the company’s revenue in the current quarter will be $30.7 billion.
