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Facebook parent Meta posts first revenue drop in history

Technology Desk |
Update: 2022-07-28 13:10:55
Facebook parent Meta posts first revenue drop in history

Meta, which owns Facebook, Instagram and WhatsApp, among others, is facing several economic constraints. Mark Zuckerberg said he will "get more done with fewer resources."

The parent company of Facebook, Meta Platforms, has posted its first-ever revenue decline on Wednesday.

The company's revenue in the second quarter fell by 1% to $28.8 billion (€28.3 billion), which was also below Wall Street projections.

The company cited a fall in advertising revenue, thanks to recession fears, a strong US dollar and increased competition as the reasons behind the drop.

Facebook is the world's largest social networking platform. The internet giant also owns Instagram, WhatsApp and Oculus, and is making inroads into the metaverse space.

"This is a period that demands more intensity," Meta CEO Mark Zuckerberg told analysts on a conference call on Wednesday. "Expect us to get more done with fewer resources."

Source: DW

BDST: 1310 HRS, JULY 28, 2022

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