Meta reports its first revenue decline since going public.

For the three months ended in June, Meta (FB) announced revenue of $28.8 billion,

a 1% drop from the same quarter in the prior year and its first year-over-year revenue reduction since being public in 2012.

The company's profit decreased even further. 

A significant contrast to the previous year, when its earnings more than doubled, was the net income for the quarter, which fell 36% year over year to close to $6.7 billion.

The average price per ad dropped by 14 percent year over year according to Meta, 

Which is concerning given the weakening demand for internet advertising brought on by the recent economic crisis.

Additionally, from the first quarter of 2022, the number of monthly active users on the Facebook app decreased slightly, from 2.936 billion to 2.934 billion.

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