Facebook's parent firm, Meta, reports a revenue decline in its second quarter of 2022, which is the first-ever drop for the social media giant.
The Facebook owner further discloses that it missed its earnings expectation for the last three months.
But how bad is the social network doing these days?
Facebook's Parent Meta Reports Revenue Decline
A news story by The Verge reports that the revenue growth of Facebook has been on an impressive streak for several years or a decade long now.
However, the constant growth of Facebook revenue has ended as the social network reports its first-ever unfortunate decline.
The Mark Zuckerberg-owned social media reports that its second-quarter revenue fell slightly by roughly 1% or $28.8 billion, to be more precise.
Meanwhile, the parent firm of Facebook, Meta, also saw a significant decline in its overall profit. The tech giant dropped by around 36%, which equates to $6.7 billion.
But that's not all. Even the emerging Reality Labs brand of Meta, which Zuckerberg has summoned to work on his metaverse, reports drastic loss as well.
According to a recent report by CNBC, Reality Labs lost a staggering $2.8 billion in the last three months alone.
Facebook Daily Users: Is It Declining Too?
Now that Meta reports the first-ever revenue decline of Facebook, you might be wondering if the daily user figures of the social network are going down as well.
Besides the revenue of the social media giant, Meta also revealed the daily user numbers of Facebook in the last quarter.
From the start of April until the end of June, the social network reports a slight growth in its number of daily users, contrary to its declining revenue. If we are going to be more exact, the daily users of FB increased by roughly 3%, making it at around 1.97 billion.
The Verge notes that the latest daily user performance of Facebook halts its consistent decline in the past quarters.
Overall, Meta says that the users of its social platforms, including Facebook and Instagram, as well as messaging apps Messenger and WhatsApp, have grown by 4%.
The Meta CEO, Zuckerberg, highlights that the all-new TikTok-like feature on Instagram and FB is earning more revenue than how Stories did when it was still new in town.
However, CNBC reports that the Reels features still fail to outperform the revenue of Stories.
Meta Third Quarter Prediction
Despite the swift growth of Reels, Meta still predicts a revenue decline in the third quarter of the year.
The tech behemoth forecasts that the weak advertising demand will continue amid the "broader macroeconomic uncertainty."
