Facebook Parent Meta Reports First Revenue Drop

by | Jul 27, 2022 | Business

Updated July 27, 2022 5:54 pm ETListen to article(2 minutes)Facebook parent Meta Platforms posted its first decline in revenue and issued a muted outlook as the company struggles to adjust to macroeconomic forces and growing competition from rival TikTok.The company reported quarterly revenue of $28.8 billion, down almost 1% from a year earlier and slightly below the $28.9 billion Wall Street was expecting. It marks the first time that the company has posted a quarterly drop in revenue from the year earlier.

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