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action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/scienrds/scienceandnerds/wp-includes/functions.php on line 6114Source: https:\/\/www.theverge.com\/2022\/7\/27\/23281294\/facebook-meta-revenue-declines-for-first-time<\/a> Facebook\u2019s decade-long streak of nonstop revenue growth has come to end. <\/p>\n The social network reported<\/a> its first-ever yearly decline in revenue for the second quarter, announcing a 1 percent drop to $28.8 billion, and predicted that growth in the third quarter could fall even more. The overall profit for its parent company, Meta, fell 36 percent to $6.7 billion. The Reality Labs division responsible for building Mark Zuckerberg\u2019s metaverse dreams lost $2.8 billion in the quarter.<\/p>\n While the first-ever drop in revenue growth was expected on Wall Street going into Wednesday\u2019s earnings report, it solidifies how challenged Meta\u2019s business has quickly become on all fronts. Apple\u2019s \u201cAsk app not to track\u201d prompt on iPhones has made its ads much less effective, costing Meta $10 billion in ad revenue last year alone. And now a rapidly slowing economy has caused advertisers to pull back on their spending. <\/p>\n Meanwhile, in its effort to compete with TikTok, Meta is rearchitecting Facebook and Instagram to place an emphasis on short videos and posts that its system recommends to people. On a call with analysts, Zuckerberg said that the percentage of content people see in Facebook and Instagram that comes from accounts they don\u2019t follow will more than double next year. Building the AI needed to make that happen is a costly investment, he said.<\/p>\n Even though Meta\u2019s revenue is declining, it managed to grow Facebook\u2019s daily users by 3 percent to 1.97 billion, reversing a worrisome decline<\/a> in users it observed a couple of quarters ago. Meta reported that 2.88 billion now use its suite of social apps \u2014 Facebook, Messenger, Instagram, and WhatsApp \u2014 every day, an increase of 4 percent from a year ago.<\/p>\n
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