Meta, for the first time in history, falling revenues and collapsing profits: profit drops by 36%

It had never happened before: Meta’s quarterly revenue fell year-over-year for the first time ever, due to a decline in profits of more than a third. Net income fell 36% to $ 6.7 billion. A situation in line with the losses recently recorded by other social media.
Meta group (Facebook, Instagram) pays for TikTok’s rising popularity and declining ad revenue due to the pitfall-ridden global economic situation given the ongoing conflict in Ukraine.
Meta reports that revenue in the quarter just ended fell compared to the same period a year ago, missing market expectations. “We are investing more energy and focusing on our key business priorities that unlock both short and long-term opportunities for Meta and for the people and companies that use our services,” CEO Mark Zuckerberg said in an earnings release. .
Meta instead reported an increase in daily users, disproving analysts’ fears. Facebook’s daily active users jumped to 1.97 billion, up from 1.96 billion 3 months ago. Today, the US competition regulator announced that they would try to block Meta’s acquisition of virtual reality fitness app maker Within. Mark Zuckerberg’s company has made the metaverse and its exploration one of its future development assets.