August 8, 2022

What you need to know

  • Meta announced its Q2 2022 financial earnings, reporting a 1% drop in revenue compared to the same period last year.
  • The company has been working on monetizing its products, including Reels, as TikTok dominates mobile streaming.
  • The FTC has suited Meta to block its acquisition of VR studio Within.

Meta reported its second-quarter 2022 financial earnings on Wednesday, disappointing investors as the company saw its revenue drop for the first time compared to the same period in 2021. Meta saw a revenue of $28.82 billion, compared to $29.07 billion in Q2 2021, and below analyst expectations of $28.94 billion.

That said, the company saw an increase in daily and monthly active users.