Meta posts another revenue decline as investors voice metaverse concerns

Earlier this year, Meta posted its first quarterly revenue decline. Once again, Meta’s financials aren’t inspiring much faith in its investors this quarter. Meta’s revenue declined 4% year over year to hit $27.7 billion; but Meta CFO David Wehner pointed out on the earnings call today that some of this decline is owed to inflation. Meanwhile, net income was just $4.395 billion, down from $9.194 billion year over year.
This decline in income is mostly due to Meta’s huge investment in the metaverse. Reality Labs, Meta’s virtual reality division, lost $3.672 billion

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