THE TECH tumble seemed to be neverending this week, with
The social media giant's revenue stood at
However, the Mark Zuckerbergowned company did report an increase in the number of monthly users on Facebook, up one per cent year-on-year, in what appears a successful bid to stave off rival platforms like
"It was good to see positive trajectory on our engagement trends this quarter coming from products like Reels and our investments in AI," said
The firm said it expects total revenue to be around
Weighing in on the results, equity analyst at Hargreaves Lansdown Laura Hoy said: "The good news [for Meta] is most of this disappointment was already priced in after fellow social media firms Snap and Twitter posted similarly alarming numbers. But that doesn't do much for investor confidence moving forward."
Meta shares fell over five per cent yesterday, and have tanked over 50 per cent in the year to date.
(c) 2022 City A.M., source