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https://www.wsj.com/articles/meta-facebook-q2-earnings-report-2022-11658883684

Facebook Parent Meta Platforms Reports First Ever Revenue Drop

Social-media giant missed Wall Street’s sales expectation but added users—defying analysts’ projections

By

Salvador Rodriguez

As markets react to inflation and high interest rates, technology stocks are having their worst start to a year on record. WSJ’s Hardika Singh explains why the sector—from tech giants to small startups—is getting hit so hard. Illustration: Jacob Reynolds

Facebook parent Meta Platforms Inc. META -1.97%decrease; red down pointing triangle posted its first decline in revenue and issued a muted outlook on digital advertising as it contends with growing competition from rival TikTok.

The company reported quarterly revenue of $28.8 billion, down almost 1% from a year earlier and slightly below the $28.9 billion Wall Street was expecting. It marks the first time that the company has posted a quarterly drop in revenue from the year earlier.

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