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Facebook reports revenue loss for the first time in 10 years

Facebook reported a 1 per cent decline in revenue in its second-quarter earnings call, the first time it suffered a loss in 10 years. Meanwhile, it grew its daily users by 3 per cent to 1.97 billion.

You may ask how it lost revenue when it grew its users. The answer is that the new privacy measures are stifling the company’s ad revenue, which is its main source of money.

In fact, the company’s four horsemen of social media — Facebook, Messenger, Instagram, and WhatsApp — ended the quarter with 2.8 billion users, representing a 4 per cent increase.

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Meta, now the company’s name, is trying to move away from total ad dependency. However, it is still a long way from its plan to bring its metaverse to reality where it could make money from hardware gears and virtual purchases.

Besides moving on to hardware, the company has plans to increase revenue on existing products. For example, it is now giving more prominence to video content than photos. This shift in focus is a two-pronged strategy to compete with TikTok and increase time spent on its platforms.

The second part is already yielding results, as the Q2 2022 earnings report show. Mark Zuckerberg even said that Facebook’s engagement trends were stronger than the execs anticipated. And in addition, the company wants to keep costs down while working harder to ‘get more done.’

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Onwuasoanya Obinna

A reader of books and stringer of words. Passionate about Science and Tech. When not writing or reading he is surfing the web and Tweeting.