Meta, one of the biggest giants in the social media sphere, has reported its first revenue decline ever: a 1% decline in revenue in the second quarter of 2022.
This decline comes as a direct result of the company's long term goal of pivoting away from their time as social media titan Facebook and into the "metaverse."
In their quarterly earnings report for Q2 2022, Meta's investors were made privy to a downturn in the company's revenue when compared to Q2 2021.
A one percent decline in revenue may not seem like a huge loss, but a report by the New York Times reveals that this is the first time the company has reported a revenue loss since the company went public in 2012.
On top of that, Meta also revealed a 36% loss in net income for Q2 year-over-year.