Meta Earnings: Facebook Parent's Profit Drops 21% – The New York Times

Technology|Meta, Facebook’s parent, reports a 21 percent drop in profits.https://www.nytimes.com/2022/04/27/technology/facebook-meta-earnings.htmlIt was the company’s second consecutive quarterly decline, the first time that had happened in over a decade.Meta reported profit of $7.5 billion for the first quarter on revenue of $27.9 billion.Credit…Jim Wilson/The New York TimesApril 27, 2022Updated 6:41 p.m. ETMark Zuckerberg, the founder of Facebook, has staked his company’s future on an immersive online world known as the metaverse. On Wednesday, the company showed it was still navigating that transformation.Meta, the company formerly known as Facebook, reported profit of $7.5 billion for the first quarter, down 21 percent from a year earlier. Revenue rose 7 percent to $27.9 billion. Wall Street analysts had predicted profits of $7.1 billion on revenue of $28.2 billion.The results followed Meta’s dismal financial report in February, when the company also posted falling profits and slowing user growth. The next day, Meta’s stock plummeted 26 percent and its market value plunged more than $230 billion in the company’s biggest one-day wipeout ever.The two quarters were the company’s first back-to-back profit declines in over a decade, a sign of the difficulties it is encountering as it changes course. While Meta is spending heavily on metaverse-related products like…
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