The Facebook parent company has recently issued its first-ever revenue decline in the June 2022 second quarter of the year. According to the results report of the second quarter of the year, the total revenue declined by 1 percent YoY to $28. the year. The company further stated that it could see a further revenue decline in the third quarter which is going to be July to September to approximately $26 billion.
On the other hand, the revenue of the company as a whole also declines by 36 percent to $6.7 billion in the last quarter. Apart from that, Reality Labs which is Meta’s division that is functioning on the metaverse dreams of Mark Zuckerberg also see a decline of approximately $2.8 billion in the quarter.
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This Meta’s revenue fall is very important because the company (formerly known as Facebook) navigated through several Covid-19 waves at the time the world was the aversion to economic ambiguities. According to the report issued by the company in Q2 2022, the total profit of the company was $18.6 billion, on the other hand, the total profit of Q2 2021 was $29 billion. Furthermore, the tech giant’s income additionally increased yearly both in 2020 and 2021.
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Nevertheless, amid disintegrating income, Meta stated it has been able to increase its daily active users (DAU) margin by 3 percent each and every year.
On average, the company’s Daily Active Users back in June was 1.97 billion which is even a positive signal for the tech giant because analysts worried about an additional decline considering its Daily Active Users decreased for the first time in 2021.
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According to the tech giant’s quarterly results report,
“We expect third quarter 2022 total revenue to be in the range of $26-28.5 billion. This outlook reflects a continuation of the weak advertising demand environment we experienced throughout the second quarter, which we believe is being driven by broader macroeconomic uncertainty. We also anticipate third quarter Reality Labs revenue to be lower than second quarter revenue.”
Apart from revenue decline, the tech giant is also expected to see a fall in ad sales owing to Apple’s newly released ‘App Tracking Transparency’ feature. This feature lets iPhone users select whether an application can track their activity or not.
Several applications including Facebook and Instagram usually involve tracking these activities “with the intent of advertising or sharing with data brokers”, as per the statement describing the matter by the California-based Cupertino giant.
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Meta might expect a modification, in the previous quarter of 2022, with the appointment of Chief Financial Officer David Wehner as its first Chief Strategy Officer.
The senior director is going to supervise the approaches of the company and corporate development. Moreover, Meta’s present Vice President of Finance, Susan Li is going to be promoted. She is now going to work for the tech giant as CFO.