Facebook reported a 1 percent drop in revenue to $28.8 billion, down 1 percent from $29.07 billion in the second quarter of 2021.
The stock fell 3.8 percent late in trading on Wednesday.
The Reality Labs division behind the
“It was good to see a positive trajectory in our engagement trends this quarter, coming from products like Reels and our investments in AI,” said
“We are putting more energy and focus on our top business priorities that unlock both short and long-term opportunities for Meta and the people and businesses that use our services,” he announced.
“Foreign currency trends had a significant impact in the second quarter, particularly the depreciation of the euro against the dollar,” Sandberg told analysts during the earnings call.
“At constant exchange rates, we would have seen revenue growth of 3% year over year.”
The company expects total revenue in the third quarter of 2022 to be between $26-28.5 billion.
“This outlook reflects a continuation of the weak ad demand environment we experienced during the second quarter, which we believe is driven by broader macroeconomic uncertainty,” Meta said.
Facebook reported an average of 1.97 billion daily active users (DAUs) for June, a 3 percent year-over-year increase.
Monthly active users (MAUs) were 2.93 billion, up 1 percent.
Meta now has 83,553 employees, an increase of 32 percent year-over-year.
The social network said that effective Nov. 1, current Chief Financial Officer David Wehner will take on a new role as Meta’s first Chief Strategy Officer, where he will oversee the company’s strategy and business development.
Susan Li, the current vice president of Meta van
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