Business Technology, Finance Technology & Information Technology
Meta, the parent company of Facebook, has seen its worst growth in ten years.
According to a financial results statement released late Wednesday, Facebook parent Meta experienced its worst revenue rise in ten years.
In the first quarter of 2022, Meta’s overall revenue was USD27.9 billion, up merely 6.5 percent from USD26.2 billion the previous year.
Its net income was USD7.5 billion, down 21% from USD9.5 billion the previous year.
The number of Facebook users has risen marginally as well.
Daily active users were 1.96 billion on average in March 2022, up 4% year over year, while monthly active users were 2.94 billion by the end of March, up 3% year over year.
Despite the revenue and income declines, the financial results exceeded market expectations, and the buzz around Metaverse drove a surge in Meta shares.
After the closing bell on Wednesday, Meta’s stock price rose more than 18% on the Nasdaq.
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