Technology

Facebook reports first-ever decline in revenue, hinting at darkening economy

Facebook parent company Meta suffered its first quarterly revenue decline in its decade a publicly-traded company, foreshadowing a rocky economic chapter ahead for the digital advertising behemoth.

The company said it earned $28.8 billion dollars during the second quarter of 2022, representing a 0.88 % drop from what it earned during the same time period last year. That revenue figure was also lower than the $28.9 billion Wall Street analysts were predicting, according to a Bloomberg compilation of their estimates. Facebook’s stock was down more than 4% in after-market trading.

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