Meta revenue loss: Facebook’s parent company’s earnings have declined for the first time. Meta released its second-quarter results on Wednesday. As a result, the company’s income has decreased. This is the first time the company has reported a fall in revenue. Meta’s major source of revenue is digital advertising revenue. The company’s shares have also declined 4.6 percent after the quarterly results. Let us know what the company has to say about this.
Meta (formerly Facebook), the parent company of popular apps like Facebook, WhatsApp, and Instagram, has cut its earnings for the first time. Wednesday’s quarterly results are the first time the company’s revenue has come down. Fears of a slowdown and increased competition have affected sales of the company’s digital ads.
Shares of the company fell 4.6 percent after the results. According to Meta’s speculations, its revenue could reach $ 26 billion in the third quarter.
According to the company, its revenue has fallen 1 percent to $28.8 billion in this quarter. The entry of competitors like Tiktok into the market has started affecting the company’s earnings.
how little revenue
The company’s revenue in the previous quarter was $29.1 billion. Meta, which handles the world’s largest social media platform, also reported mixed results on user growth. The number of monthly active users on the company’s flagship app Facebook has reached 2.93 billion, which is around the analyst’s estimate.
Talking about the year-on-year growth, the number of active users grew by 1% in this quarter. At the same time, the number of daily active users has reached 1.97 billion. Meta is struggling with earnings, just like other multinational corporations.
Dollar becoming enemy?
The company is also suffering due to the continuous strengthening of the dollar. Since the dollar is strengthening, due to this earnings from other countries are decreasing. because the local currency is losing ground to the dollar.
Meta expects revenue growth of 6% in the third quarter. However, the results of Meta have shown yet another thing. The competition for digital advertising is now between search engines and social media platforms as well as social media companies.
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