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Economic news: Facebook’s revenue fell for the first time in history, Wadhawan also cheated Indian Bank after PMC

Fb’s income fell for the primary time in historical past, anticipated to worsen additional

Fb reported a lower in income within the June quarter for the primary time since going public in 2007, predicting that progress may fall even additional within the third quarter. Fb reported a 1 p.c drop in income to $28.8 billion, a 1 p.c lower within the second quarter of 2021 to $29.07 billion. Shares fell 3.8 per cent in prolonged buying and selling late Wednesday. Total, Meta’s revenue for the quarter fell 36 per cent to $6.7 billion.

Outgoing COO Sheryl Sandberg attributed the income loss to the declining worth of the euro. Sandberg instructed analysts throughout the earnings name that foreign exchange tendencies had a major affect within the second quarter, notably the depreciation of the euro relative to the greenback. On a continuing foreign money foundation, we might have seen income progress of three per cent yr over yr. The corporate expects whole income within the vary of $26-28.5 billion within the third quarter of 2022. Meta mentioned this outlook displays the continuation of the weak promoting demand atmosphere we skilled within the second quarter, which we consider is pushed by macroeconomic uncertainty.

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