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Meta Platforms recorded its first revenue decline for the Q2. Meta's April-June 2022 revenue fell 1% to $28.8 billion, down from $29.08 billion in the same period last year. The company's net income fell 36% to $6.69 billion from $10.39 billion a year earlier.
The Reality Labs, a division responsible for creating the metaverse, lost $2.8 billion in the quarter. However, this was slightly less than the $2.96 billion loss in the first quarter and better than analysts' forecasts, who expected a loss of $3.67 billion for the division for the quarter.
The drop in revenues was due to two factors: declining advertising revenues and the deteriorating global economic situation. Meta's advertising revenues fell 1.5% in the second quarter to $28.15 billion from $28.58 billion.
However, despite the decline in revenue the number of Facebook monthly active users (MAU) at the end of June stood at 2.93 billion, up 1% for the year. The number of daily active users (DAU) rose 3% to 1.97 billion. The company estimates that about 2.88 billion people worldwide use Facebook, Instagram, WhatsApp or Messenger daily and about 3.65 billion people use it at least once a month. Both of these figures grew by 4% over the year.
At the same time, Meta has seen an increase in the consumption of short video Reels. It is monetising faster than Stories and in the long term the company expects Reels to become a revenue driver.
Zuckerberg said on the earnings call with analysts:
This is a period that demands more intensity, and I expect us to get more done with fewer resources. I think we’re going to come through this period as a stronger and more disciplined organisation.
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