The company's quarterly net income decreased to 6.7 billion dollars, a decline of 36 percent. The diluted earnings per share for the quarter dropped to 2.46 dollars from 3.61 dollars in the same period of 2021, said Meta, rebranded from Facebook and based in Menlo Park, California.
The monthly active users increased 1 percent year on year to 2.93 billion as of June 30, while daily active users were 1.97 billion on average for June, an increase of 3 percent.
Its cash, cash equivalents and marketable securities were 40.49 billion dollars as of June 30, according to the company.
"It was good to see positive trajectory on our engagement trends this quarter coming from products like Reels and our investments in AI," said Mark Zuckerberg, Meta founder and CEO. "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."
Meta expects total revenue of the third quarter to be in the range of 26 billion to 28.5 billion dollars, and the 2022 total expenses to be in the range of 85 billion to 88 billion dollars, lowered from its prior outlook of 87 billion to 92 billion dollars.
"We also anticipate third quarter Reality Labs revenue to be lower than second quarter revenue. Our guidance assumes foreign currency will be an approximately 6 percent headwind to year-over-year total revenue growth in the third quarter, based on current exchange rates," said David Wehner, Meta's chief financial officer.
Effective November 1, 2022, Wehner will take on a new role as the company's first chief strategy officer to oversee its strategy and corporate development. Susan Li, Meta's current vice president of finance, will be promoted and serve as Meta's chief financial officer, the company said.
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