Meta Platforms Inc. reported first-quarter revenue of $27.9 billion, below its revenue forecast of $27-29 billion, and dropped 21% year-over-year in net income as growth continued to slow. New Year.
Meta’s “family of apps,” which includes Facebook, Instagram, Messenger and WhatsApp, accounted for the majority of the company’s $27.2 billion in revenue, primarily from advertising. The average daily active users on Facebook was 1.96 billion in the quarter ended in March.
The company had previously announced a loss of fourth-quarter earnings, resulting in a record $230 billion loss in market value, as Meta shares fell more than 25% the day after the quarterly report. Meta CEO Mark Zuckerberg warned at the time that ongoing “macroeconomic challenges” would continue to hurt its advertising business.
Since changing its name from Facebook to Meta in October of last year, the company has poured more resources into its AR and VR ambitions. Zuckerberg previously pledged $10 billion to Metavers and said Meta would not be profitable “never in the near future” due to a shift in focus.
Reality Labs, Meta’s AR and VR division, reported $695 million in revenue in the first quarter but accounted for $2.9 billion in lost revenue, according to the company’s earnings report.
In the second quarter, Meta says that he expects the income to be between $ 28-30 thousand million to reflect the ongoing economic challenges, such as the changes in Apple’s iOS privacy and the ongoing war in Ukraine, in the advertising business of the company. Monthly active users are also expected to decline due to loss of service in Russia in Q2.
Source: Hollywood Reporter

Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.