Social media giant Meta, Facebook’s parent company, saw quarterly revenue decline for the first time in its history in the second quarter of this year, prompting its president Mark Zuckerberg to say the group “should do more with less.”
Meta’s revenue, which is also followed by Instagram and WhatsApp, declined 1 percent year-on-year in the second quarter to $28.8 billion as a result of several factors, the most important of which is competition from other platforms, including Tik Tok and advertisers are cutting their budgets due to poor economic conditions.
“This decline in Meta’s earnings shows how quickly the group’s business is deteriorating,” said Debra Aho-Williamson, an analyst at Insider Intelligence.
As for net profit, it decreased by 36 percent, amounting to $6.7 billion. “The situation looks worse than three months ago,” Mark Zuckerberg admitted to analysts in a conference call on Wednesday.
Source: El Iktisad
