For the first time in years revenues are down "facebook"

Meta, the company that owns social networking site Facebook, posted a 1% drop in quarterly revenue for the first time in years.

According to the company’s report, Meta generated $28.82 billion in revenue in the second quarter of this year, up from $29.07 billion in the same period last year.

The company posted a profit of $6.69 billion, down 36% from last year.

Wall Street analysts had expected the Meta to post $7.04 billion in revenue and $28.9 billion in revenue.

The company attributed the decline to weak demand for digital advertising and uncertain economic conditions in general.

Meta CEO Mark Zuckerberg said: “It looks like we have entered an economic downturn that will have a significant impact on the digital advertising sector. The situation looks worse than it was a quarter ago.”

He indicated that he plans to continue investing in key sectors, which will allow Meta to grow in the next phase.

Source: The New York Times.