Facebook owner Meta Platforms Inc. announced on Wednesday that its revenue in the third quarter of fiscal 2022 decreased 4% year over year to $27.7 billion.
Income from operations fell 46% to $5.7 billion in the third three-month period, while diluted earnings per share (EPS) came in at $1.64, down 49% from the same trimester in 2021. Net income in the third quarter landed at $4.4 billion after plunging 52% on a yearly basis.
Meta reported a 3% year-on-year increase in the number of Facebook daily active users (DAUs) with 2% more monthly active users (MAUs) as of September 30, 2022. "While we face near-term challenges on revenue, the fundamentals are there for a return to stronger revenue growth," the company's founder and CEO Mark Zuckerberg said in the report.
Social media and tech giant's stock dropped 8.74% in late trading after the release of the quarterly update.
