Meta posts second-ever quarterly revenue decline and hints at cost cutting efforts
Meta on Wednesday posted the second quarterly revenue decline in its history since going public and warned that it is making “significant changes” aimed at cutting costs ahead of 2023, as it confronts an economic downturn that is hitting its core online advertising business.
posted revenue of $27.7 billion, down 4% year-over-year and slightly above Wall Street analysts’ expectations. For the three months ended in September,posted revenue of $27.7 billion, down 4% year-over-year and slightly above Wall Street analysts’ expectations.
“We’re approaching 2023 with a focus on prioritization and efficiency that will help us navigate the current environment and emerge an even stronger company,” Mark Zuckerberg, Meta’s founder and CEO, said in a statement.
Meta on Wednesday posted the second quarterly revenue decline in its history since going public and warned that it is making “significant changes” aimed at cutting costs ahead of 2023, as it confronts an economic downturn that is hitting its core online advertising business .posted revenue of $27.7 billion, down 4% year -over- year and slightly above Wall Street analysts’ expectations. The company posted its first-ever quarterly revenue decline during the June quarter. For the three months ended in September,posted revenue of $27.7 billion, down 4% year -over- year and slightly above Wall Street analysts’ expectations. The company posted its first-ever quarterly revenue decline during the June quarter.The company reported net income of nearly $4.4 billion, down 52% from the same period in the prior year and below analysts’ projections.”We’re approaching 2023 with a focus on prioritization and efficiency that will help us navigate the current environment and emerge an even stronger company,” Mark Zuckerberg , Meta’s founder and CEO, said in a statement.
