Meta’s decade-long revenue streak comes to a crashing halt as company slows hiring

July 28, 2022 10:26

Meta’s Q2 earnings reveal a steep drop in revenue, with earnings missing Wall Street estimates and weakened forecasts pointing to a rocky future for the holding company. A waning digital ad market is spelling rough waters ahead for Meta, as it tussles with TikTok and a tumultuous stock market in its bid to restore investor confidence.

Facebook, Meta’s primary cash cow, reported its first-ever yearly decline in revenue for Q2, announcing a 1% drop to $28.8 billion. Overall profit for its parent company, Meta, fell 36% to $6.7 billion.

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Seja Al Zaidi

Seja Al Zaidi was Mumbrella’s finance reporter, spearheading the publication’s coverage on the financials of advertising, marketing and media sectors.

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