Meta has blamed macroeconomic pressures for its first year-on-year quarterly revenue decline and offered investors a gloomy outlook for the coming months as advertisers pull back on spending.
Meta, formerly known as Facebook, on Wednesday said revenues for the April-June period were $28.82bn, down 1 per cent on the same period in 2021. Analysts had expected revenue of $28.92bn, according to consensus data compiled by FactSet.
Speaking to investors, chief executive Mark Zuckerberg painted a bleak picture for the remainder of 2022. “We seem to have entered an economic downturn that will have a broad impact on the digital advertising business,” he said.
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