Facebook reports drop in revenue for the first time
by Alex Heath from The Verge - All Posts on (#61WCP)
Meta CEO Mark Zuckerberg | Photo illustration by William Joel | Photo by Andrew Caballero-Reynolds / AFP via Getty Images Facebook's decade-long streak of nonstop revenue growth has come to end.
The social network reported its first-ever yearly decline in revenue for the second quarter, announcing a 1 percent drop to $28.8 billion, and predicted that growth in the third quarter could fall even more. The overall profit for its parent company, Meta, fell 36 percent to $6.7 billion. The Reality Labs division responsible for building Mark Zuckerberg's metaverse dreams lost $2.8 billion in the quarter.
While the first-ever drop in revenue growth was expected on Wall Street going into Wednesday's earnings report, it solidifies how challenged Meta's business has quickly become on all fronts. Apple's Ask app not to track" prompt on iPhones has made its ads much...