Meta’s global revenue down 4% in Q3
The Indian arm of the social media giant had recently recorded a staggering 74% growth in gross ad revenue
Facebook’s parent Meta on Thursday posted third-quarter earnings of $4.39 billion, or $1.64 a share, down from $9.2 billion, or $3.22 a share last year.
Total sales, most of which come from ads, were $27.17 billion, down roughly 4% a year ago.
Reality Labs, its metaverse segment, saw $3.7bn in losses this quarter which is likely to grow significantly in 2023, the company said.
It is noteworthy that Facebook India Online Services, the Indian arm of social media giant Meta, has recently recorded a staggering 74% growth in gross ad revenue at Rs 16,189 crore for FY22 compared to Rs 9,326 crore in the previous fiscal, as per the company's annual filing with the Registrar of Companies (RoC).
Struggling to compete with TikTok, Meta invested heavily in its short-form video content product Reels, but its monetization is still challenging for the company.
The losses at Meta come as the tech industry at large struggles with the fear of a global economic slowdown due to inflation and other factors-with Google and Microsoft both announced disappointing third-quarter results this week.
