Meta turns to Reels and the metaverse to recover from its first ever revenue loss

For the first time ever since going public in 2007, Meta (aka Facebook) reported a decline in quarterly revenue year over year. The company’s revenue was $28.82 billion — a 1% decrease from $29.07 billion in the second quarter of 2021. What’s worse, it forecasts that growth in the third quarter could fall even more, in the range of $26-28.5 billion. Who’s to blame? Meta attributes this to “the continuation of the weak advertising demand environment” they experienced throughout the second quarter, which they believe “is being driven by the broader macroeconomic uncertainty.” In a Facebook post, Mark Zuckerberg also…

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