[ April 24, 2024 ]
Facebook parent Meta Platforms is expected to post its first decline in revenue growth and its biggest drop in daily users when it reports second-quarter results after markets close, as the social-media company struggles to adjust to macroeconomic forces and growing competition from rival TikTok.
Love to see it. Like Twitter, Facebook punished its users who dissented from state-run propaganda. They’re getting their just desserts.
They can change their name to ‘Meta’ but a rose is still a rose. Or in this case, a shit is still a shit.
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Facebook Parent Meta Poised to Report First-Ever Revenue Drop
The company is expected to report quarterly revenue of $28.9 billion, according to analysts surveyed by FactSet. That figure would be down 0.6% from a year prior and would represent the first time that the company has posted a quarterly drop in revenue from the year earlier.
Meta also may disclose that Facebook’s daily active user base has fallen to 1.957 billion users, down from 1.96 billion three months ago, according to analysts. That would be Facebook’s largest drop in daily users on record and only the second time the figure has retreated.
The company is expected to post a $7.03 billion profit for the second quarter, according to FactSet. This would represent the third quarter in a row the company’s net income has declined, something Meta hasn’t experienced since the fourth quarter of 2012.
Meta is grappling with a digital advertising market in upheaval from soaring inflation and other factors that are causing a slowdown in ad spending. Google parent Alphabet Inc. on Tuesday reported the slowest rate of growth since the second quarter of 2020, when the pandemic crimped demand for advertising in some areas. Rival Snap Inc. reported its weakest-ever quarterly sales growth last week while Twitter reported a decline in revenue.
Meta’s shares have retreated since the company posted quarterly results in February that showed a sharper-than-expected decline in profit, gloomy revenue outlook and dip in daily users. Before Wednesday, the company’s shares had fallen nearly 51%, and it had lost $448 billion dollars in market value since Feb. 2.
Facebook’s decline in daily users comes three months after Chief Executive Mark Zuckerberg said the company would change how users would see content, in a bid to boost engagement. The company would use artificial intelligence to recommend content to Facebook and Instagram users from around those social networks, rather than solely showing users content from accounts they already follow. This effort mimics one of the signature features of rival TikTok, which Mr. Zuckerberg in February said posed stiff competition for Meta.
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