Meta (NASDAQ: META) reported its second straight quarter of falling revenue as its profit fell by more than half, thanks to a record nine-figure loss at its Metaverse division.

Figures released on October 26 show Meta generated revenue of $27.7 billion in the three months ending September 30, a 4% decrease from the same period last year. A nearly one-fifth increase in costs and expenses sent operating income down 46% to $5.66 billion, while profit fell 52% to just under $4.4 billion.

While the financial numbers were bleak, Meta was able to report its second consecutive quarter of modest growth (+3%) in daily active users (DAUs) on its former Facebook platform following the first negative DAU growth in Q4 2021. The ‘Daily Active People with Family’ category, which tracks…