Meta, the parent company of Facebook, Instagram and Whatsapp, reported its first quarterly year-over-year decline in revenue since going public in 2012.

Earlier this year, the Facebook app lost roughly 1 million daily active users.

The company's revenue last quarter was $28.822 billion compared to $29.077 billion in the second quarter of 2021, down 1%.

Meta also released a weak third-quarter revenue guidance, with $26 billion to $28.5 billion expected between July and September, several billion less than analysts had expected.

The company also said it expects third-quarter revenue from its loss-making Reality Labs division, which leads the metaverse project, to be lower than its second-quarter revenue.

This quarter has been a tough one for Meta compared to the previous year, as Meta's second-quarter earnings in 2021 were the fastest-growing in years.

Facebook CEO Mark Zuckerberg said in a statement that the company saw a positive trajectory in engagement trends" last quarter thanks to products like Reels and investments in artificial intelligence.

Last week, Meta announced sweeping changes to the Facebook app that will make it more like TikTok.