Meta posts first-ever revenue drop


Meta says revenue in the recently ended quarter ebbed a per cent to US$28.8 billion, its first such slip since the firm, then known simply as Facebook, went public in 2012. – EPA pic, July 28, 2022.

FACEBOOK parent Meta reported yesterday its first quarterly revenue drop and a plunging profit as the social media powerhouse battles a turbulent economy and the rising phenomenon of TikTok. 

Meta had long delivered seemingly endless upward growth but after this income miss – and reporting earlier this year its first decline in global daily users – the company sounded a more modest tone.


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