Shackpets | Available on iOS and Google Play Store

Facebook (META) revenues decline year-over-year for the first time

Meta Platforms' Q2 2022 wasn't just a miss for the Facebook company. It's the first time Facebook has seen a revenue decline YoY.

1

The Meta company, formerly Facebook, just posted its Q2 2022 earnings results and much of it left a lot to be desired. The company missed on a few different metrics and expectations, including earnings-per-share and revenue. However, a notable thing also occurred in its Q2 miss. This is the first time Facebook has seen a decline in its revenues year-over-year.

Meta posted its Q2 2022 earnings results on its investor relations website on July 27, 2022. According to the release, Meta put up a revenue of $28.82 billion USD for Q2, falling short of estimates that expected the company to hit $29 billion. It wasn’t just against expectations, though, Meta also fell short of revenue comparisons year-over-year. In Q2 2021, Facebook achieved a revenue of around $29.08 billion, even then facing issues with cross-app tracking. Either way, Meta came up short for the first time in the company’s history.

Facebook Reality Labs logo.
Facebook Reality Labs accounted for billions worth of losses at Meta during Q2 2022.
Source: Meta

Meta’s unique year-over-year decline wasn’t the only bad news to come out of the company’s Q2 2022 earnings results. Facebook Reality Labs lost around $2.8 billion throughout Q2 2022 as the company continues to invest heavily into VR products like the Meta Quest 2 and its metaverse ecosystem. This loss alongside cited troubles with the ongoing global economic issues may have contributed to Meta preparing to raise prices on the Meta Quest 2 in August 2022. Nonetheless, it would appear that Meta has experienced a rare miss in its year-to-year metrics and it will be interesting to see if the company bounces back in future quarters.

With Meta’s Q2 2022 earnings results in the book, it looks like a slump for the Facebook company. Stay tuned as we continue to cover quarterly financial earnings results in the tech industry.

Senior News Editor

TJ Denzer is a player and writer with a passion for games that has dominated a lifetime. He found his way to the Shacknews roster in late 2019 and has worked his way to Senior News Editor since. Between news coverage, he also aides notably in livestream projects like the indie game-focused Indie-licious, the Shacknews Stimulus Games, and the Shacknews Dump. You can reach him at tj.denzer@shacknews.com and also find him on Twitter @JohnnyChugs.

From The Chatty
Hello, Meet Lola