Facebook Posts Company's 1st Quarterly Loss

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

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.

Read more at CNN