Business & Tech
Facebook Posts Company's 1st Quarterly Loss
The company experienced a 36 percent decline in net income year-over-year, CNN reports.
![Facebook CEO Mark Zuckerberg said during a conference call with analysts that the decline was expected do to “internet blocks related to the war in Ukraine,” the report said.](https://patch.com/img/cdn20/users/22137850/20220727/075305/styles/patch_image/public/facebook___27195110504.jpg)
MENLO PARK, CA — Facebook’s parent company posted its ever first quarterly loss Wednesday.
Meta reported $28.8 billion in revenue for the three-month period that ended in June, a 1 percent drop from the prior-year quarter and its first year-over-year revenue drop since Mark Zuckerberg took his Menlo Park-based social media empire public in 2012, CNN reports.
The company experienced a 36 percent decline in net income year-over-year
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Additionally, the company saw average prices per ads fall 14 percent, and a fractional decline in its number of users from the first quarter of 2022, from 2.936 billion to 2.934 billion.
Zuckerberg said during a conference call with analysts that the decline was expected do to “internet blocks related to the war in Ukraine,” the report said.
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