Meta, the company that owns Facebook, reported a profit of $7.5 billion in the first quarter. This year’s profit is 21% lower than last year’s.
This is the first time in more than a decade that the company’s profits have declined in one quarter after another.
However, the company’s revenue rose 7% to $27.91 billion from $26.17 billion.
In its latest earnings report in February, Meta revealed that stocks declined due to a slowdown in consumer growth.
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But in the first quarter of 2022, Facebook said its daily active users grew by a slight increase of about 4% over the previous year. As a result, shares of Meta rose after hours of trading.
Analysts say Apple’s privacy changes have made it harder for companies like Meta to track people for advertising purposes, which has hurt the company’s revenue.
Meta is focused on new items and is spending heavily on meta-related items, such as virtual reality goggles.