Announces Plans for Chief Financial Officer
Transition and Chief Strategy Officer Appointment
MENLO
PARK, Calif., July 27,
2022 /PRNewswire/ -- Meta Platforms, Inc. (Nasdaq:
META) today reported financial results for the quarter ended
June 30, 2022.
"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."
Second Quarter 2022 Financial Highlights
|
Three Months Ended
June 30,
|
|
%
Change
|
In millions, except
percentages and per share amounts
|
2022
|
|
2021
|
|
Total
revenue
|
$
28,822
|
|
$
29,077
|
|
(1) %
|
Total costs and
expenses
|
20,464
|
|
16,710
|
|
22 %
|
Income from
operations
|
$
8,358
|
|
$
12,367
|
|
(32) %
|
Operating
margin
|
29 %
|
|
43 %
|
|
|
Provision for income
taxes
|
$
1,499
|
|
$
2,119
|
|
(29) %
|
Effective tax
rate
|
18 %
|
|
17 %
|
|
|
Net income
|
$
6,687
|
|
$
10,394
|
|
(36) %
|
Diluted earnings per
share (EPS)
|
$
2.46
|
|
$
3.61
|
|
(32) %
|
Second Quarter 2022 Operational and Other Financial
Highlights
- Family daily active people (DAP) – DAP was 2.88 billion
on average for June 2022, an increase
of 4% year-over-year.
- Family monthly active people (MAP) – MAP was 3.65
billion as of June 30, 2022, an
increase of 4% year-over-year.
- Facebook daily active users (DAUs) – DAUs were 1.97
billion on average for June 2022, an
increase of 3% year-over-year.
- Facebook monthly active users (MAUs) – MAUs were 2.93
billion as of June 30, 2022, an
increase of 1% year-over-year.
- Ad impressions and price per ad – In the second quarter
of 2022, ad impressions delivered across our Family of Apps
increased by 15% year-over-year and the average price per ad
decreased by 14% year-over-year.
- Capital expenditures – Capital expenditures, including
principal payments on finance leases, were $7.75 billion for the second quarter of
2022.
- Share repurchases – We repurchased $5.08 billion of our Class A common stock in the
second quarter of 2022. As of June 30,
2022, we had $24.32 billion
available and authorized for repurchases.
- Cash, cash equivalents, and marketable securities –
Cash, cash equivalents, and marketable securities were $40.49 billion as of June
30, 2022.
- Headcount – Headcount was 83,553 as of June 30, 2022, an increase of 32%
year-over-year.
CFO Outlook Commentary
We expect third quarter 2022 total revenue to be in the range of
$26-28.5 billion. This outlook
reflects a continuation of the weak advertising demand environment
we experienced throughout the second quarter, which we believe is
being driven by broader macroeconomic uncertainty. 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% headwind to year-over-year total revenue
growth in the third quarter, based on current exchange rates.
In addition, as noted on previous calls, we continue to monitor
developments regarding the viability of transatlantic data
transfers and their potential impact on our European
operations.
We expect 2022 total expenses to be in the range of $85-88 billion, lowered from our prior outlook of
$87-92 billion. We have reduced our
hiring and overall expense growth plans this year to account for
the more challenging operating environment while continuing to
direct resources toward our company priorities.
We expect 2022 capital expenditures, including principal
payments on finance leases, to be in the range of $30-34 billion, narrowed from our prior range of
$29-34 billion.
Absent any changes to U.S. tax law, we expect our full-year 2022
tax rate to be above the second quarter rate and in the high
teens.
Chief Financial Officer Transition and Chief Strategy Officer
Appointment
Effective November 1, 2022,
current Chief Financial Officer David
Wehner will take on a new role as Meta's first Chief
Strategy Officer, where he will oversee the company's strategy and
corporate development. Susan Li,
Meta's current Vice President of Finance, will be promoted and
serve as Meta's Chief Financial Officer.
Webcast and Conference Call Information
Meta will host a conference call to discuss the results at
2 p.m. PT / 5
p.m. ET today. The live webcast of Meta's earnings
conference call can be accessed at investor.fb.com, along with the
earnings press release, financial tables, and slide presentation.
Meta uses the investor.fb.com and about.fb.com/news/ websites
as well as Mark Zuckerberg's
Facebook Page (facebook.com/zuck) and Instagram account
(instagram.com/zuck) as means of disclosing material non-public
information and for complying with its disclosure obligations under
Regulation FD.
Following the call, a replay will be available at the same
website. A telephonic replay will be available for one week
following the conference call at +1 (402) 977-9140 or +1 (800)
633-8284, conference ID 22019375.
Transcripts of conference calls with publishing equity research
analysts held today will also be posted to the
investor.fb.com website.
About Meta
Meta builds technologies that help people connect, find
communities, and grow businesses. When Facebook launched in 2004,
it changed the way people connect. Apps like Messenger, Instagram,
and WhatsApp further empowered billions around the world. Now, Meta
is moving beyond 2D screens toward immersive experiences like
augmented and virtual reality to help build the next evolution in
social technology.
Contacts
Investors:
Deborah Crawford
investor@fb.com / investor.fb.com
Press:
Ryan Moore
press@fb.com / about.fb.com/news/
Forward-Looking Statements
This press release contains forward-looking statements regarding
our future business plans and expectations. These forward-looking
statements are only predictions and may differ materially from
actual results due to a variety of factors including: the impact of
macroeconomic conditions on our business and financial results,
including as a result of the ongoing COVID-19 pandemic and
geopolitical events; our ability to retain or increase users and
engagement levels; our reliance on advertising revenue; our
dependency on data signals and mobile operating systems, networks,
and standards that we do not control; changes to the content or
application of third-party policies that impact our advertising
practices; risks associated with new products and changes to
existing products as well as other new business initiatives,
including our metaverse efforts; our emphasis on community growth
and engagement and the user experience over short-term financial
results; maintaining and enhancing our brand and reputation; our
ongoing privacy, safety, security, and content review efforts;
competition; risks associated with government actions that could
restrict access to our products or impair our ability to sell
advertising in certain countries; litigation and government
inquiries; privacy and regulatory concerns; risks associated with
acquisitions; security breaches; and our ability to manage our
scale and geographically-dispersed operations. These and other
potential risks and uncertainties that could cause actual results
to differ from the results predicted are more fully detailed under
the caption "Risk Factors" in our Quarterly Report on Form 10-Q
filed with the SEC on April 28, 2022,
which is available on our Investor Relations website at
investor.fb.com and on the SEC website at www.sec.gov. Additional
information will also be set forth in our Quarterly Report on Form
10-Q for the quarter ended June 30, 2022. In addition, please
note that the date of this press release is July 27, 2022, and
any forward-looking statements contained herein are based on
assumptions that we believe to be reasonable as of this date. We
undertake no obligation to update these statements as a result of
new information or future events.
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements,
which are prepared and presented in accordance with generally
accepted accounting principles in the
United States (GAAP), we use the following non-GAAP
financial measures: revenue excluding foreign exchange effect,
advertising revenue excluding foreign exchange effect, and free
cash flow. The presentation of these financial measures is not
intended to be considered in isolation or as a substitute for, or
superior to, financial information prepared and presented in
accordance with GAAP. Investors are cautioned that there are
material limitations associated with the use of non-GAAP financial
measures as an analytical tool. In addition, these measures may be
different from non-GAAP financial measures used by other companies,
limiting their usefulness for comparison purposes. We compensate
for these limitations by providing specific information regarding
the GAAP amounts excluded from these non-GAAP financial
measures.
We believe these non-GAAP financial measures provide investors
with useful supplemental information about the financial
performance of our business, enable comparison of financial results
between periods where certain items may vary independent of
business performance, and allow for greater transparency with
respect to key metrics used by management in operating our
business.
We exclude the following items from our non-GAAP financial
measures:
Foreign exchange effect on revenue. We translated revenue
for the three and six months ended June 30, 2022 using the
prior year's monthly exchange rates for our settlement or billing
currencies other than the U.S. dollar, which we believe is a useful
metric that facilitates comparison to our historical
performance.
Purchases of property and equipment; Principal payments on
finance leases. We subtract both purchases of property and
equipment, net of proceeds and principal payments on finance leases
in our calculation of free cash flow because we believe that these
two items collectively represent the amount of property and
equipment we need to procure to support our business, regardless of
whether we procure such property or equipment with a finance lease.
We believe that this methodology can provide useful supplemental
information to help investors better understand underlying trends
in our business. Free cash flow is not intended to represent our
residual cash flow available for discretionary expenditures.
For more information on our non-GAAP financial measures and a
reconciliation of GAAP to non-GAAP measures, please see the
"Reconciliation of GAAP to Non-GAAP Results" table in this press
release.
META PLATFORMS,
INC.
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
|
|
(In millions, except
per share amounts)
|
|
|
(Unaudited)
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
Revenue
|
$
28,822
|
|
$
29,077
|
|
$
56,729
|
|
$
55,248
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
5,192
|
|
5,399
|
|
11,197
|
|
10,530
|
|
|
Research and
development
|
8,690
|
|
6,096
|
|
16,397
|
|
11,293
|
|
|
Marketing and
sales
|
3,595
|
|
3,259
|
|
6,907
|
|
6,102
|
|
|
General and
administrative
|
2,987
|
|
1,956
|
|
5,347
|
|
3,578
|
|
|
Total costs and
expenses
|
20,464
|
|
16,710
|
|
39,848
|
|
31,503
|
|
|
Income from
operations
|
8,358
|
|
12,367
|
|
16,881
|
|
23,745
|
|
|
Interest and other
income (expense), net
|
(172)
|
|
146
|
|
213
|
|
271
|
|
|
Income before provision
for income taxes
|
8,186
|
|
12,513
|
|
17,094
|
|
24,016
|
|
|
Provision for income
taxes
|
1,499
|
|
2,119
|
|
2,942
|
|
4,124
|
|
|
Net
income
|
$
6,687
|
|
$
10,394
|
|
$
14,152
|
|
$
19,892
|
|
|
Earnings per
share attributable to Class A and Class B common
stockholders:
|
|
|
|
|
|
|
|
|
|
Basic
|
$
2.47
|
|
$
3.67
|
|
$
5.21
|
|
$
7.00
|
|
|
Diluted
|
$
2.46
|
|
$
3.61
|
|
$
5.19
|
|
$
6.90
|
|
|
Weighted-average
shares used to compute earnings per share attributable
to
|
|
|
|
|
|
|
|
|
|
Class A and Class B
common stockholders:
|
|
|
|
|
|
|
|
|
|
Basic
|
2,704
|
|
2,834
|
|
2,714
|
|
2,841
|
|
|
Diluted
|
2,713
|
|
2,877
|
|
2,729
|
|
2,881
|
|
|
Share-based
compensation expense included in costs
|
|
|
|
|
|
|
|
|
|
and
expenses:
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
$
213
|
|
$
163
|
|
$
373
|
|
$
281
|
|
|
Research and
development
|
2,606
|
|
1,967
|
|
4,547
|
|
3,376
|
|
|
Marketing and
sales
|
289
|
|
239
|
|
506
|
|
413
|
|
|
General and
administrative
|
243
|
|
179
|
|
424
|
|
309
|
|
|
Total share-based
compensation expense
|
$
3,351
|
|
$
2,548
|
|
$
5,850
|
|
$
4,379
|
|
|
META PLATFORMS,
INC.
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(In
millions)
|
|
(Unaudited)
|
|
|
June 30,
2022
|
|
December 31,
2021
|
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
12,681
|
|
$
16,601
|
|
Marketable
securities
|
27,808
|
|
31,397
|
|
Accounts receivable,
net
|
11,525
|
|
14,039
|
|
Prepaid expenses and
other current assets
|
3,973
|
|
4,629
|
|
Total current
assets
|
55,987
|
|
66,666
|
|
Non-marketable equity
securities
|
6,536
|
|
6,775
|
|
Property and equipment,
net
|
67,588
|
|
57,809
|
|
Operating lease
right-of-use assets
|
14,130
|
|
12,155
|
|
Intangible assets,
net
|
965
|
|
634
|
|
Goodwill
|
20,229
|
|
19,197
|
|
Other assets
|
4,344
|
|
2,751
|
|
Total
assets
|
$
169,779
|
|
$
165,987
|
|
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
4,008
|
|
$
4,083
|
|
Partners
payable
|
982
|
|
1,052
|
|
Operating lease
liabilities, current
|
1,275
|
|
1,127
|
|
Accrued expenses and
other current liabilities
|
15,420
|
|
14,312
|
|
Deferred revenue and
deposits
|
532
|
|
561
|
|
Total current
liabilities
|
22,217
|
|
21,135
|
|
Operating lease
liabilities, non-current
|
14,792
|
|
12,746
|
|
Other
liabilities
|
7,003
|
|
7,227
|
|
Total
liabilities
|
44,012
|
|
41,108
|
|
Commitments and
contingencies
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
Common stock and
additional paid-in capital
|
59,929
|
|
55,811
|
|
Accumulated other
comprehensive loss
|
(3,411)
|
|
(693)
|
|
Retained
earnings
|
69,249
|
|
69,761
|
|
Total stockholders'
equity
|
125,767
|
|
124,879
|
|
Total liabilities
and stockholders' equity
|
$
169,779
|
|
$
165,987
|
|
META PLATFORMS,
INC.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(In
millions)
|
|
(Unaudited)
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
Net income
|
$
6,687
|
|
$ 10,394
|
|
$ 14,152
|
|
$ 19,892
|
|
Adjustments to
reconcile net income to net cash provided by
|
|
|
|
|
|
|
|
|
operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
1,979
|
|
1,985
|
|
4,135
|
|
3,958
|
|
Share-based
compensation
|
3,351
|
|
2,548
|
|
5,850
|
|
4,379
|
|
Deferred income
taxes
|
(453)
|
|
229
|
|
(1,016)
|
|
647
|
|
Other
|
189
|
|
(21)
|
|
(33)
|
|
(88)
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
(522)
|
|
(1,366)
|
|
2,035
|
|
(517)
|
|
Prepaid expenses and
other current assets
|
(435)
|
|
(1,852)
|
|
138
|
|
(2,313)
|
|
Other
assets
|
(25)
|
|
(185)
|
|
(132)
|
|
(195)
|
|
Accounts
payable
|
237
|
|
116
|
|
(645)
|
|
(134)
|
|
Partners
payable
|
73
|
|
(61)
|
|
(33)
|
|
(133)
|
|
Accrued expenses and
other current liabilities
|
1,180
|
|
1,482
|
|
1,943
|
|
(200)
|
|
Deferred revenue and
deposits
|
24
|
|
3
|
|
(28)
|
|
9
|
|
Other
liabilities
|
(88)
|
|
(26)
|
|
(94)
|
|
184
|
|
Net cash provided
by operating activities
|
12,197
|
|
13,246
|
|
26,272
|
|
25,489
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
(7,572)
|
|
(4,641)
|
|
(13,013)
|
|
(8,944)
|
|
Proceeds relating to
property and equipment
|
44
|
|
29
|
|
170
|
|
60
|
|
Purchases of
marketable debt securities
|
(2,220)
|
|
(10,297)
|
|
(6,288)
|
|
(16,528)
|
|
Sales of marketable
debt securities
|
2,648
|
|
4,687
|
|
7,713
|
|
6,337
|
|
Maturities of
marketable debt securities
|
511
|
|
2,347
|
|
913
|
|
6,327
|
|
Acquisitions of
businesses and intangible assets
|
(363)
|
|
(259)
|
|
(1,216)
|
|
(259)
|
|
Other investing
activities
|
(7)
|
|
(61)
|
|
(17)
|
|
(62)
|
|
Net cash used in
investing activities
|
(6,959)
|
|
(8,195)
|
|
(11,738)
|
|
(13,069)
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
Taxes paid related to
net share settlement of equity awards
|
(1,002)
|
|
(1,354)
|
|
(1,927)
|
|
(2,432)
|
|
Repurchases of Class A
common stock
|
(5,233)
|
|
(7,079)
|
|
(14,739)
|
|
(11,018)
|
|
Principal payments on
finance leases
|
(219)
|
|
(123)
|
|
(452)
|
|
(274)
|
|
Net change in
overdraft in cash pooling entities
|
(79)
|
|
53
|
|
(59)
|
|
3
|
|
Other financing
activities
|
(30)
|
|
(45)
|
|
(46)
|
|
(13)
|
|
Net cash used in
financing activities
|
(6,563)
|
|
(8,548)
|
|
(17,223)
|
|
(13,734)
|
|
Effect of exchange rate
changes on cash, cash equivalents, and
|
(550)
|
|
117
|
|
(698)
|
|
(129)
|
|
restricted
cash
|
|
|
|
|
Net decrease in cash,
cash equivalents, and restricted cash
|
(1,875)
|
|
(3,380)
|
|
(3,387)
|
|
(1,443)
|
|
Cash, cash equivalents,
and restricted cash at beginning of the period
|
15,353
|
|
19,891
|
|
16,865
|
|
17,954
|
|
Cash, cash
equivalents, and restricted cash at end of the
period
|
$ 13,478
|
|
$ 16,511
|
|
$ 13,478
|
|
$ 16,511
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
cash, cash equivalents, and restricted cash to
|
|
|
|
|
|
|
|
|
the condensed
consolidated balance sheets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$ 12,681
|
|
$ 16,186
|
|
$ 12,681
|
|
$ 16,186
|
|
Restricted cash,
included in prepaid expenses and other current
|
228
|
|
201
|
|
228
|
|
201
|
|
assets
|
|
|
|
|
Restricted cash,
included in other assets
|
569
|
|
124
|
|
569
|
|
124
|
|
Total cash, cash
equivalents, and restricted cash
|
$ 13,478
|
|
$ 16,511
|
|
$ 13,478
|
|
$ 16,511
|
|
META PLATFORMS,
INC.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(In
millions)
|
|
(Unaudited)
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Supplemental cash
flow data
|
|
|
|
|
|
|
|
|
Cash paid for income
taxes, net
|
$
2,139
|
|
$
3,387
|
|
$
2,641
|
|
$
6,294
|
|
Non-cash investing and
financing activities:
|
|
|
|
|
|
|
|
|
Property and equipment
in accounts payable and accrued
|
$
4,543
|
|
$
2,249
|
|
$
4,543
|
|
$
2,249
|
|
expenses and other
current liabilities
|
|
|
|
|
Settlement of
convertible notes with marketable equity
|
$
131
|
|
$
—
|
|
$
131
|
|
$
—
|
|
securities
|
|
|
|
|
Other current assets
through financing arrangement in accrued
|
$
214
|
|
$
381
|
|
$
214
|
|
$
381
|
|
expenses and other
current liabilities
|
|
|
|
|
Repurchases of Class A
common stock in accrued expenses and
|
$
70
|
|
$
310
|
|
$
70
|
|
$
310
|
|
other current
liabilities
|
|
|
|
|
Segment Results
We report our financial results for our two reportable segments:
Family of Apps (FoA) and Reality
Labs (RL). FoA includes Facebook, Instagram, Messenger, WhatsApp,
and other services. RL includes augmented and virtual reality
related consumer hardware, software, and content.
The following table presents our segment information of revenue
and income (loss) from operations. For comparative purposes,
amounts in the prior period have been recast:
Segment
Information
|
|
(In
millions)
|
|
(Unaudited)
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Revenue:
|
|
|
|
|
|
|
|
|
Advertising
|
$ 28,152
|
|
$ 28,580
|
|
$ 55,150
|
|
$ 54,018
|
|
Other
revenue
|
218
|
|
192
|
|
433
|
|
391
|
|
Family of
Apps
|
28,370
|
|
28,772
|
|
55,583
|
|
54,409
|
|
Reality Labs
|
452
|
|
305
|
|
1,146
|
|
839
|
|
Total
revenue
|
$ 28,822
|
|
$ 29,077
|
|
$ 56,729
|
|
$ 55,248
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations:
|
|
|
|
|
|
|
|
|
Family of
Apps
|
$ 11,164
|
|
$ 14,799
|
|
$ 22,647
|
|
$ 28,004
|
|
Reality
Labs
|
(2,806)
|
|
(2,432)
|
|
(5,766)
|
|
(4,259)
|
|
Total income from
operations
|
$
8,358
|
|
$ 12,367
|
|
$ 16,881
|
|
$ 23,745
|
|
Reconciliation of
GAAP to Non-GAAP Results
|
(In millions, except
percentages)
|
(Unaudited)
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
GAAP revenue
|
$ 28,822
|
|
$ 29,077
|
|
$ 56,729
|
|
$ 55,248
|
Foreign exchange
effect on 2022 revenue using 2021 rates
|
1,263
|
|
|
|
2,156
|
|
|
Revenue excluding
foreign exchange effect
|
$ 30,085
|
|
|
|
$ 58,885
|
|
|
GAAP revenue
year-over-year change %
|
(1) %
|
|
|
|
3 %
|
|
|
Revenue excluding
foreign exchange effect year-over-year change %
|
3 %
|
|
|
|
7 %
|
|
|
GAAP advertising
revenue
|
$ 28,152
|
|
$ 28,580
|
|
$ 55,150
|
|
$ 54,018
|
Foreign exchange
effect on 2022 advertising revenue using 2021
|
1,255
|
|
|
|
2,143
|
|
|
rates
|
|
|
|
|
|
Advertising revenue
excluding foreign exchange effect
|
$ 29,407
|
|
|
|
$ 57,293
|
|
|
GAAP advertising
revenue year-over-year change %
|
(1) %
|
|
|
|
2 %
|
|
|
Advertising revenue
excluding foreign exchange effect year-over-
|
3 %
|
|
|
|
6 %
|
|
|
year change
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
$ 12,197
|
|
$ 13,246
|
|
$ 26,272
|
|
$ 25,489
|
Purchases of property
and equipment, net
|
(7,528)
|
|
(4,612)
|
|
(12,843)
|
|
(8,884)
|
Principal payments on
finance leases
|
(219)
|
|
(123)
|
|
(452)
|
|
(274)
|
Free cash
flow
|
$
4,450
|
|
$
8,511
|
|
$ 12,977
|
|
$ 16,331
|
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SOURCE Meta