Facebook parent Meta posts slowest growth in 10 years
Net income falls 21% year-on-year
ANKARA
Facebook parent Meta posted its slowest growth in 10 years in terms of revenue, according to its financial results statement released late Wednesday.
Meta had total revenue of $27.9 billion in the first quarter of 2022, just a 6.5% increase from $26.2 billion in the same period of last year.
It had a net income of $7.5 billion – a 21% decline from $9.5 billion year-on-year.
The number of Facebook users also increased slightly.
While daily active users were 1.96 billion on average for March 2022, an increase of 4% year-on-year; monthly active users were 2.94 billion as of the end of March – a 3% gain annually.
Despite the revenue slowdown and income decline, the financial results beating market estimates and the hype surrounding metaverse caused a spike in Meta shares.
The stock price of Meta jumped more than 18% on the Nasdaq after the closing bell on Wednesday.
