Meta’s Watershed Q2 Spells Bad News For Its Ad Business

Meta’s watershed Q2 results spell trouble for the social media giant’s future. The company posted its first ever year-over-year revenue decline this quarter, and its business faces existential challenges on every front. Second-quarter revenues totaled $28.15 billion, down from $29.07 billion in 2021. Net income was $6.68 billion, a 36% decrease from last year. Despite forecasts to the contrary, daily and monthly active users across its family of apps both increased by 4%. Advertising is everything: Advertising lies at the core of Meta’s business, and Q2’s signs about its health aren’t good. The devaluation of ads on Meta’s platforms is…