The social network Facebook reported the first annual decline in revenue in its history for the second quarter. The company fell 1% to $28.8 billion.
This is reported by The Verge.
Facebook predicts that revenue could fall even more in the third quarter. The total profit of the parent company of the social network Meta fell by 36% to $6.7 billion.
Reality Labs, the division responsible for creating the metaverse, lost $2.8 billion in the second quarter.
Appleʼs "Ask the app not to be tracked" feature on the iPhone reduced the effectiveness of advertising and reduced Metaʼs ad revenue by $10 billion last year. And now, the rapid economic slowdown has forced advertisers to cut back on their spending.
Although Metaʼs revenue is falling, it has managed to increase its daily user base. Now, 2.88 billion people use its Facebook, Messenger, Instagram and WhatsApp platforms every day — up 4% from a year ago.