Facebook parent posts first revenue decline as a public company
CNN
Meta, Facebook's parent company, reported revenue of $28.8 billion for the three months ending in June, a 1% drop from the prior-year quarter and its first year-over-year revenue decline since going public in 2012.
Meta (FB), Facebook's parent company, reported revenue of $28.8 billion for the three months ending in June, a 1% drop from the prior-year quarter and its first year-over-year revenue decline since going public in 2012.
The company's profit fell far more sharply. Net income during the quarter declined 36% year-over-year to nearly $6.7 billion, a huge reversal from the year prior when its profit doubled. Meta reported a 14% year-over-year decline in the average price per ad, a troubling sign as online ad demand weakens because of the recent economic downturn.
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