Meta, the umbrella organization of Instagram and Facebook, announced the results of the second quarter of 2022. The company, which cut its expenses and reduced the number of hiring, was also investigated by the SEC. The second quarter financial reports of the company, which has been experiencing difficulties recently, seem to be reflected in this.
Meta lost revenue for the first time
Facebook, whose name was changed to Meta, experienced a decrease in terms of revenue in the quarter for the first time after going public in 2007 compared to the previous year. According to the statement, Meta generated $28.82 billion in revenue in the second quarter of 2022. In the same period last year, the company’s revenue was announced as 29.07 billion dollars.
With this result, the company seems to have experienced a decrease of 1 percent compared to the same period of last year. Company COO Sheryl Sandberg attributed Meta’s loss of revenue in the second quarter to the decline in the Euro.
In addition to its financial reports, Meta has been experiencing certain problems in the number of users recently. In the last quarter of 2021, it was reported that there was a significant decrease in the number of daily active users of Facebook. Although the number of active users has increased slightly in the last two quarters, it has not reached the desired levels yet.
The platform also experienced a decrease in the number of monthly active users in this quarter. The reason for this is the Russia-Ukraine war. It is stated that this loss occurred as a result of Facebook being banned in Russia. In Meta’s entire application family, the number of daily active people (DAP) has increased by 4 percent compared to last year.
Recently, both Facebook and Instagram users have been expressing their displeasure at social media platforms mimicking TikTok. Meta focuses on short videos, similar to TikTok in both social media apps. This situation is very disturbing by most users. Wondering how this situation will affect Instagram and Facebook?
So what do you think about Meta and its second quarter financial reports? Do you think the decline will continue? You can share your views with us in the comments section.
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