For the first time in its history, Half communicated drop in revenue: In the second quarter of 2022, the giant posted sales of $28.8 billion, a slight year-over-year decline. Profits also fell to $6.7 billion. If the first is a figure that is only marginally moderate – it’s -1% yoy – then the second heralds a catastrophe: it’s 36% less than a year ago.

The collapse mainly depends on theincreased costs from the American giant. Facebook’s parent company spent $20.4 billion. Then there are the 2.8 billion losses that the division has recorded reality labsthe one who deals with virtual reality and the metaverse.

To this we must then add the decline in advertising revenue, which is explained by the increasingly fierce competition from rival platforms, such as TikTok. The advertising budget is not increasing, on the contrary, but now there are many more companies competing for slices of the same pie.

But there’s also more encouraging news: Facebook’s daily active users have soared, now at 1.97 billion. In this way, the social network has reversed the negative trend of recent years.

In light of all this, it’s much easier to understand some of Meta’s recent moves. From the decision to freeze all new hires to the catastrophic email Chris Cox sent to all of the company’s employees. “We will have to do more with less budget,” the manager predicted.

Source: Lega Nerd

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