For the first time in its history, Facebook reported loss in revenue.
The Second Quarter 2022 results predicted that growth in the third quarter could fall even more.
Facebook reported a 1 per cent drop in revenue to $28.8 billion, a 1 per cent decrease from $29.07 billion in the second quarter of 2021.
Facebook plunged 3.8 per cent in extended trading late on Wednesday.
It was good to see a positive trajectory on our engagement trends this quarter coming from products like Reels and our investments in AI,” said Mark Zuckerberg, Meta CEO.
The company expects third quarter 2022 total revenue to be in the range of $26-28.5 billion.
Facebook reported daily active users (DAUs) at 1.97 billion on average for June, an increase of 3 per cent year-over-year.
The monthly active users (MAUs) were 2.93 billion, an increase of 1 per cent.
Meta now has 83,553 employees, an increase of 32 per cent year-over-year.