It was the company’s second consecutive quarterly decline, the first time that had happened in over a decade.

Mark Zuckerberg, the founder of Facebook, has staked his company’s future on an immersive online world known as the metaverse. On Wednesday, the company showed it was still navigating that transformation.

Meta, the company formerly known as Facebook, reported profit of $7.5 billion for the first quarter, down 21 percent from a year earlier. Revenue rose 7 percent to $27.9 billion. Wall Street analysts had predicted profits of $7.1 billion on revenue of $28.2 billion.