Facebook reported its first-ever revenue drop

Steven — Mon, 22 Aug 2022 09:02:32 +0000

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The social network Facebook reported its first-ever annual revenue decline for the second quarter.

For the year, advertising revenue reached the $28.8 billion mark – analysts are confident that the decline will only intensify further. Overall, Meta is doing even worse – Mark Zuckerberg’s corporation’s profits fell 36% in the second quarter.

Even the Reality Labs division, responsible for creating the meta universe, lost $2.8 billion during the quarter.

Part of Facebook’s profits fell because of Apple. The iPhone’s no-tracking feature made the social network’s advertising ineffective. Because of this, Meta lost $10 billion last year. Now advertisers themselves are reducing their spending on cooperation with the service.

Meta plans to emphasize short videos on Facebook and Instagram to compete with TikTok.