Facebook parent Meta posts slowest growth in 10 years

Facebook parent Meta posted its slowest growth in 10 years in terms of revenue, according to its financial results statement released late Wednesday.

Meta had total revenue of $27.9 billion in the first quarter of 2022, just a 6.5% increase from $26.2 billion in the same period of last year.

It had a net income of $7.5 billion – a 21% decline from $9.5 billion year-on-year.

The number of Facebook users also increased slightly.

While daily active users were 1.96 billion on average for March 2022, an increase of 4% year-on-year; monthly active users were 2.94 billion as of the end of March – a 3% gain annually.

Despite the revenue slowdown and income decline, the financial results beating market estimates and the hype surrounding metaverse caused a spike in Meta shares.

The stock price of Meta jumped more than 18% on the Nasdaq after the closing bell on Wednesday.