Earlier this year, Meta posted its first quarterly revenue drop. Once again, Meta’s financials are not inspiring much faith in its investors this quarter. Meta revenues decreased 4% year over year to reach 27.7 billion; But Meta CFO David Wehner said on today’s earnings call that some of this decline is due to inflation. Meanwhile, net income was just $4.395 billion, down from $9.194 billion year over year.

This decline in revenue is primarily due to Meta’s heavy investment in the metaverse. Reality Labs, Meta’s virtual reality division, lost $3.672 million this quarter. The same thing happened in the first quarter, when CEO Mark Zuckerberg justified a $3 billion loss by saying the 2030s will be “exciting.”

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“There is still a…