Facebook parent Meta posts first revenue drop in history

Meta, which owns Facebook, Instagram and WhatsApp, among others, is facing several economic constraints. Mark Zuckerberg said he will “get more done with fewer resources.”

The parent company of Facebook, Meta Platforms, has posted its first-ever revenue decline on Wednesday.

The company’s revenue in the second quarter fell by 1% to $28.8 billion (€28.3 billion), which was also below Wall Street projections.

The company cited a fall in advertising revenue, thanks to recession fears, a strong US dollar and increased competition as the reasons behind the drop.