Meta profits crash
Facebook’s parent company Meta Platforms has reported a 21% drop in profits for the first quarter of this year, the company’s slowest revenue growth since going public a decade ago.
According to the First Quarter 2022 Results, the company’s profit was $7.5 billion as opposed to $9.5 billion during the same period last year. Income from operations plummeted by 28%.
The results follow Meta’s bleak financial report for Q4 and Full Year 2021 released February, revealing an 8% drop in profits and slowing user growth. The figures led to Meta’s stock plummeting more than 20% and its market value plunging more than $230 billion in the company’s biggest-ever one-day crash.
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