Facebook father or mother firm Meta has simply reported its earnings for the second quarter of 2022, and it was one other quarter of shrinking earnings. Total income of $28.8 billion was solely down one p.c in comparison with Q2 one 12 months in the past, however web revenue dropped 36 p.c to $6.7 billion. Making virtually $7 billion in revenue is just not a foul quarter for anybody, however the measurement of the decline in comparison with a 12 months in the past is fairly vital. And, according to the Wall Street Journal, that is the first-ever drop in income for Meta / Facebook — so though we’re solely speaking one p.c, it is nonetheless noteworthy.

Revenue from promoting and Meta’s “family of apps” was primarily flat year-over-year, and Reality Labs (house to {hardware} just like the Meta Quest and different metaverse-related initiatives) truly grew 48 p.c year-over-year to $452 million. But Reality Labs accounted for a $2.8 billion loss this quarter, a 15 p.c bigger loss than Q2 one 12 months in the past. At this fee, it appears seemingly that Reality Labs will lose Meta greater than the $10 billion it value the corporate in 2021.

This comes the identical day that the FTC introduced it was in search of to dam Meta’s acquisition of ‘Supernatural’ VR exercise app maker Within, a proposed sale that was introduced final 12 months. “Instead of competing on the merits, Meta is trying to buy its way to the top,” John Newman, deputy director of the FTC’s Bureau of Competition, mentioned in a press release.

Meta is holding a name with traders at 5PM ET, and we’ll be listening in to listen to feedback from CEO Mark Zuckerberg and can replace this put up with something we be taught.

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