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Facebook Owner Meta Reports a Drop in its Revenue

Tech Jul 28, 2022 07:00
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© Reuters. Facebook Owner Meta Reports a Drop in its Revenue
 
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Meta, the company that owns Facebook (NASDAQ:META), has reported a drop in revenue for the second quarter.

According to The Verge, the giant tech company’s revenue dropped by 1% to $28.8 billion, adding that in the third quarter these results could be worse.

Although the company witnessed a decline in its revenue, it still managed to attract 3% more active users on Facebook, taking the number up to 1.97 billion users. 2.88 billion users use Meta Apps, that is, Facebook, Instagram, WhatsApp, and Messenger. The number grew by 4% compared to the previous year, according to the company.

“This is a period that demands more intensity, and I expect us to get more done with fewer resources,” Zuckerberg said.

“I think we’re going to come through this period as a stronger and more disciplined organization,” he said.

It’s been almost a year since Facebook rebranded to Meta, an idea that came after Mark Zuckerberg decided to focus on the metaverse, a fictional virtual world that is accessed through the use of virtual reality technology.

This shift has also caused the company to clash with others in lawsuits. Another company named Meta recently filed a lawsuit against the company, claiming that it became Meta before Facebook rebranded. It also alleged that it tried to get into talks with Zuckerberg’s Meta, which yielded no results.

The giant company is also under fire with many celebrities and users saying that Meta’s apps, Facebook and Instagram, are becoming more like TikTok. The company has been introducing more features for its Reels and Short Stories to keep up with the competition and the hype around this side of social media. A lot of people have started using TikTok and have grown fond of the idea of watching short videos.

By Zintle Nkohla

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Facebook Owner Meta Reports a Drop in its Revenue
 

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