Meta Posts First-Ever Revenue Drop for Q2, Issues Weak Q3 Guidance

On the earnings name, CEO Mark Zuckerberg mentioned Meta goes to “steadily scale back headcount progress over the subsequent 12 months… Many groups are going to shrink.”

The corporate’s flagship Fb app had 1.968 billion common every day energetic customers for June 2022, up 3% year-over-year and a slim achieve of 8 million DAUs versus the prior quarter. Analysts anticipated a decline of 30 million Fb DAUs within the interval, per FactSet. Fb month-to-month energetic customers had been 2.93 billion as of June 30, down 3 million from Q1.

The earnings report comes after the company’s blockbuster Q2 last year, when income soared 56% and internet revenue doubled to $10.39 billion.

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