GETTING TOO REAL
The second quarter of 2022 was not a highlight reel for Meta, as Facebook’s parent company reported a year-over-year decline in revenue—its first in 10 years as a publicly traded company. Monthly active users across Meta’s family of applications totaled 3.65 billion as of June 30, up 4% YoY, but its flagship Facebook platform saw just 1% growth. Meanwhile, ad impressions delivered across Meta’s family of apps rose 15% YoY, but the average price per ad was down 14% over the same time period. Insider Intelligence principal analyst Debra Aho Williamson called this decline “a steep change coming on top of the first quarter, when ad prices dropped 8%.” Meta posted revenue of $28.8 billion for the quarter, down 1% from $29.1 billion in the second quarter of 2021. Analysts pointed to inflation broadly,…