Goal, the parent company of Facebook and Instagram, reported revenue of 28.82 billion dollars in the second quarter of 2022, which represents a slightly lower figure than the 28.94 billion expected and a 1% decline (29,077 million dollars) compared to the same period of the previous year, according to the report presented on Wednesday.
It is the first time that the income of the giant of social networks, based in Menlo Park (California), falls since it went public in 2012. In fact, at the close of the trading day, its shares registered an approximate drop of 4.6% and closed at 169.58 dollars.
The company reported a net profit of 6,687 million dollars, which implies 36% less than that registered in the same period of 2021 when it doubled its profits (10,394 million dollars).
Meta attributes this fall to a decline in the demand for digital advertising Yet the economic uncertainty.
As for the more encouraging numbers in the report, Meta noted that its “daily active users” increased to 2.88 billion, 4 percent more than a year ago. This means that every day 2,880 million people use one of the applications that make up that group: Facebook, Instagram and WhatsApp.
mark zuckerberg He had anticipated in early July that his firm was going to reduce plans to hire engineers by at least 30% this year, an unprecedented situation for the social media giant.
Among the directions the company is taking is that of “turn Instagram into TikTok”with a focus on short, vertical videos, which earned it widespread rejection from its users for “Instagram goes back to the way it was before”reaching out to Kim Kardashian, a popular figure on the app with 326 million followers.
But its strongest bet is long-term investment in virtual reality hardware and the development of its own metaverse.
When virtual and physical worlds collide, anything can happen. Digital creators unlock the possibilities of our tech and end up in all kinds of things virtual and augmented environments. Check it out: https://t.co/t0h9kYwHCt pic.twitter.com/7MKEEFDVwe
— Goal (@Meta) July 5, 2022
