Facebook approaches 3 billion users and Meta sees its revenue drop

Meta, the parent company of Facebook, has published financial results for the third quarter of its fiscal year 2022. There are increases in terms of the number of users. On the other hand, revenues are down.

Meta’s revenue was $27.71 billion, down 4% year-on-year. The net profit is 4.40 billion dollars, twice less (-52%) than in the same period a year ago. Earnings per share were $1.64 this time, down 49%. For information, markets were expecting revenue of $27.38 billion and earnings per share of $1.89. And as for the revenue per user (ARPU), it is 9.41 dollars, where the markets were aiming for 9.83 dollars.

Facebook now has 1.98 billion daily users worldwide, up 3% year-on-year. There are 2.96 billion each month, up 2%. If we combine the Meta services (Facebook, Facebook Messenger, WhatsApp and Instagram), there are 3.71 billion users (+4%), of which 2.93 billion (+4%) who connect each day.

“Our community continues to grow and I’m pleased with the strong engagement we’re seeing through the advancements of our discovery engine and products like Reels”said Mark Zuckerberg, founder and boss of Meta. “While we face near-term revenue challenges, the fundamentals are there for a return to stronger revenue growth. We approach 2023 with a focus on priorities and efficiencies that will help us navigate the current environment and emerge an even stronger business.”.

Following the publication of financial results which are below expectations, the action of Meta is down 12.98% to $ 112.97 on the stock market after the session.