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Facebook’s parent meta records slowest quarterly revenue growth in 10 years According to Reuters
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© Reuters. FILE PHOTO: The new Facebook Meta renamed logo is seen on a smartpone in front of the logos showing Facebook, Messenger, Intagram, Whatsapp, Oculus in this illustration photo taken October 28, 2021. REUTERS/Dado. Ruvic / Illustration
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© Reuters. FILE PHOTO: The new Facebook Meta renamed logo is seen on a smartpone in front of the logos showing Facebook, Messenger, Intagram, Whatsapp, Oculus in this illustration photo taken October 28, 2021. REUTERS/Dado. Ruvic / Illustration
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(Reuters) – Facebook parent company (NASDAQ:) Meta Platforms Inc on Wednesday recorded its slowest revenue growth in a decade, as advertisers slashed marketing budgets in the face of growing uncertainties. global economic growth and the war in Ukraine.
According to IBES data from Refinitiv, the company’s total revenue, which largely comes from ad sales, rose 7% to $27.91 billion in the first quarter, but fell short of analysts’ estimates of 28.20 billion USD.