Business

Facebook’s parent Meta posts 1st revenue decline in its history

Net income plunges 36%, 3rd quarter revenue expected to decline further

Facebook’s parent firm Meta Platforms posted the first revenue decline in the company’s history, according to its financial results statement released on Wednesday.

Meta, which also owns Instagram and WhatsApp, saw its revenue decline to $28.8 billion in the April-June period of this year, down 1% from $29.1 billion in the same period of last year.

Its net income plunged 36% to $6.6 billion,from $10.4 billion, during that period.

“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,” founder and CEO Mark Zuckerberg said in the statement.

Facebook’s daily and monthly active users showed a slight increase of 3% to 1.97 billion and 1% to 2.93 billion year-on-year, respectively.

The company said it estimates third quarter total revenue declining to the range of $26 billion to $28.5 billion due to the “continuation of the weak advertising demand environment” in the second quarter.

Meta’s stock price was down 4.6% in pre-market trading on the Nasdaq at 8.25 a.m. EDT before the opening bell on Thursday.​​​​​​​

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