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Facebook’s parent company Meta loses 21% in profits

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Published 1:36 PM

(KYMA, KECY) - Facebook's parent company, Meta's first earnings report for the year missed Wall Street revenue forecasts.

Although Meta's profits were above expectations, it was still down 21% compared to this time last year.

Meta officials say they are also lowering total expenses for 2022 from $95 billion to $92 billion.

According to Meta, one factor hurting the bottom line is the ongoing Russian invasion of Ukraine which resulted in the blocking of Facebook and Instagram in Russia.

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April Hettinger

April was born and raised in San Diego where she loved the beach town and her two dogs, Lexi and Malibu. She decided to trade the beach for the snow and advanced her education at Northern Arizona University in Flagstaff.

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