Meta, the parent company of Facebook, has just reported its earnings for the second quarter of 2022, and yet again it was another quarter of shrinking profits as the total revenue of $28.8 billion was only down 1% compared to Second Quarter a year ago but net income dropped 36% to $6.7 billion although it’s very big of a number it’s still very small compared to what they were making last year. This is the first-ever drop in revenue for meta and even though we are still talking about only 1%, it’s still noteworthy where the company might be headed towards.

Advertising from the parent company’s family of social media networking apps was essentially very flat year over year Plus, the reality labs projects grew 48% year over year to $452,000,000. It also seems like, at the current rate, reality labs will lose Meta more than the $10 billion it cost the company in 2021. In June, the company said that they had 2.88 billion daily active users and their social networking apps including Facebook, Instagram, WhatsApp, and Messenger, and 3.65 billion monthly active users, both of which are 4% compared to a year ago. facebook growth in specific was a lot smaller as average daily and monthly users only increased by 3% and 1% respectively.

Amidst all of this, the company will welcome its first Chief Strategy Officer, David Wehner, currently Meta’s Chief Financial Officer. VP of Finance Susan Li will be promoted to the CFO position when this change goes into effect.