Facebook’s parent company Meta Platforms has reported a 21% drop in profits, according to market indices.
According to the First Quarter 2022 Results, the company’s profit was $7.5 billion as opposed to $9.5 billion during the same period last year. Income from operations plummeted by 28%.
It added that for the first quarter of this year, the company’s slowest revenue growth since going public a decade ago.
The results follow Meta’s bleak financial report for Q4 and Full Year 2021 released February, revealing an 8% drop in profits and slowing user growth.
The figures led to Meta’s stock plummeting more than 20% and its market value plunging more than $230 billion in the company’s biggest-ever one-day crash.
in another development, aA leaked internal report by FB’s privacy engineers described the difficulty of tracking data due to a lack of “closed-form” systems; in other words, merged first-party, third-party and sensitive data was like pouring ink into a lake and then trying to put it back in the bottle. (Motherboard)
The leaked document claimed Facebook is simply unable to keep up with the slew of new data regulations in what one anonymous former employee called a “complete sh*tshow”, casting doubt on compliance.