For the first time in its history, Meta (ex-Facebook) recorded a drop in its turnover in the second quarter of 2022, as well as a drop in the number of monthly users.
On July 27, Zuckerberg’s firm released its quarterly report. The results show that the giant lost 1% of its revenue, or $28.8 million in Q2 2022, compared to $29.1 million in Q2 2021.
Separately, Meta’s net profit fell 36% year-on-year to $6.7 billion in Q2 of the current year, compared to $10.4 billion in the same period of 2021. .
Recall that the Meta group lost 1 million daily active users in the last quarter of 2021. Between the first and second quarters of 2022, it recorded a loss of 2 million monthly users.
To reassure investors (as well as users), the boss indicated that the metaverse and artificial intelligence are the firm’s two priorities. He also mentioned the Reelsa format launched on Instagram to compete TikTok.
Anyway, Zuckerberg’s firm is doing well in the face of the crisis, it seems. Leaders must make the right decisions to attract new users and achieve good financial performance in the next quarter.
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