Facebook Parent Meta corporation published its financial report on the results for the second quarter of 2022. For the first time in history, the company reported a quarterly revenue decline, blaming the decreasing value of the Euro.
The tech giant's revenue in the second quarter of 2022 was $28.82 billion, down 1% from $29.07 billion in the second quarter of 2021. This is the first quarter the company has ever ended with a decline in revenue. The company's management expects an even bigger drop in Q3, with revenues continuing to decline to $26-28.5 billion.
Outgoing Meta COO Sheryl Sandberg blamed this decline on the decreasing value of the Euro. Had it not been for the decreasing value of the Euro, the company's revenue would have been up 3 percent year over year, she said.
However, even despite the revenue decline, Meta managed to grow Facebook's daily active users by 3% to 1.97 billion.
Meta believes that the drop in revenue was caused by a general decline in the advertising market, which, in turn, is caused by the general uncertainty of the macroeconomy.