Facebook parent Meta posts first ever revenue drop, warns of future shock
Facebook parent Meta posted its first-ever revenue drop in the June 2022 quarter (Q2 2022). As per its second quarter 2022 results report, the total revenue dropped by 1 per cent YoY to $28.8 billion, and the company predicts a further revenue fall in the third quarter(July to September) to roughly $26 billion. In the last quarter, the overall profit of Meta also fell 36 per cent to $6.7 billion. Reality Labs, Meta's division that is working on Mark Zuckerberg's metaverse dreams, lost nearly $2.8 billion in the quarter.
