Facebook parent company Meta this week reported its first year-over-year revenue decline since the social media giant went public in 2012, a troubling sign for the company as it looks to expand its reach to even more sectors of the tech economy. 

Meta’s second-quarter report showed a drop of 1% in earnings in Q2 2022 relative to the same quarter last year, with the company pulling down about $28 billion over the last three months compared to a little over $29 billion in Q2 2021. 

The drop comes after the company has faced difficulties keeping its influence over the hyper-competitive tech sector. A new feature on Apple iPhones that allows users to opt out of ad-tracking, for instance, reportedly took a massive bite out of the company’s revenue. 

In spite of the disappointing showing, CEO Mark Zuckerberg attempted to spin the report in a positive light. “It was good to see positive trajectory on our engagement trends this quarter coming from products like Reels and our investments in AI,” he said in the report.

“We’re putting increased energy and focus around our key company priorities that unlock both near and long term opportunities for Meta and the people and businesses that use our services.”

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