fbpx

Home » Facebook parent Meta posts first revenue decline

Facebook’s decade-long streak of nonstop revenue growth has come to end, r

Facebook parent Meta posts first revenue decline

by | Jul 31, 2022

Facebook’s decade-long streak of nonstop revenue growth has come to end, reports The Verge.

The social network reported its first-ever yearly decline in revenue for the second quarter, announcing a 1 percent drop to $28.8 billion, and predicted that growth in the third quarter could fall even more. The overall profit for its parent company, Meta, fell 36 percent to $6.7 billion. The Reality Labs division responsible for building Mark Zuckerberg’s metaverse dreams lost $2.8 billion in the quarter.

While the first-ever drop in revenue growth was expected on Wall Street going into Wednesday’s earnings report, it solidifies how challenged Meta’s business has quickly become on all fronts. Apple’s “Ask app not to track” prompt on iPhones has made its ads much less effective, costing Meta $10 billion in ad revenue last year alone. And now a rapidly slowing economy has caused advertisers to pull back on their spending.

More here.

 

 

About the Author

Capitol Communicator

Capitol Communicator is a unique online and offline resource for Mid-Atlantic advertising, marketing, public relations, digital and media communications professionals. The e-magazine, e-newsletters and events bring together communications professionals, fostering community and providing important information; news; trends; education; and opportunities for networking, career enhancement, business exchange and showcasing great work. Visit www.capitolcommunicator.com to learn more.

0 Comments

Submit a Comment

Your email address will not be published.

Sponsors

Brand Creep

CAPITOL COMMUNICATOR CAREER CENTER SEARCH RESULTS (JOBS IN MULTIPLE LOCATIONS)

MEDIA KIT

Recent Comments

Categories

SEARCH FOR ADVERTISING, MARKETING & PR AGENCIES, PROFESSIONALS AND SERVICES

Find out more  Powered by COMMUNICATIONSMATCHTM

REGISTER.
CHOOSE AN AGENCY OR INDIVIDUAL DIRECTORY OR COMPREHENSIVE PROFILE PLAN.

Find out more  Powered by COMMUNICATIONSMATCHTM

REGISTER.CHOOSE AGENCY SELECT
TO REQUEST MORE INFORMATION & STREAMLINE RFPs

Find out more  Powered by COMMUNICATIONSMATCHTM