Facebook’s Nonstop Revenue Run Comes to a Stop After a Decade

Facebook reported its first-ever decline in revenue for the 2nd quarter, with a one percent drop to $28.8 billion.

Hot News
1 min read
Facebook’s Nonstop Revenue Run Comes to a Stop After a Decade
Hindi Female

The Quint DAILY

For impactful stories you just can’t miss

By subscribing you agree to our Privacy Policy

Facebook’s nonstop revenue run for the past decade has finally come to a stop, with the social networking site reporting its first-ever decline in revenue for the second quarter, announcing a one percent drop to $28.8 billion.

It has been predicted that its growth could fall further in the third quarter.

Meanwhile, the for its parent company, Meta, the overall profit fell 36 percent to $6.7 billion. Further, the Reality Labs, responsible for building Mark Zuckerberg’s metaverse, lost $2.8 billion in the quarter.

One of the reasons for this is being said to Apple’s “Ask app not to track” prompt on iPhones, which has made Meta lose almost $10 billion in ad revenue last year alone, The Verge reported.


However, the silver lining for Meta is that it was able to reverse the decline in Faceboook’s daily users seen two quarters ago. Facebook’s daily user grew by three percent to 1.97 billion.

It was reported that 2.88 billion people now use Meta’s apps everyday – Facebook, Messenger, Instagram, and WhatsApp.

Zuckerberg said that Reels, the company’s short-form video format in contrast to TikTok, is monetising faster than Stories did after Snapchat’s format was copied years ago. The company further hopes that Reels will be a revenue driver, though not much money is being made from them.

(With inputs from The Verge.)

(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)

Read Latest News and Breaking News at The Quint, browse for more from news and hot-news

Topics:  Instagram   WhatsApp   Facebook 

Edited By :Padmashree Pande
Speaking truth to power requires allies like you.
Become a Member
3 months
12 months
12 months
Check Member Benefits
Read More