04:44 PM EDT, 04/05/2024 (MT Newswires) -- Meta Platforms ( META ) raked in $16.5 billion in revenue from Instagram in the first half of 2022, representing almost 30% of the company's sales, Bloomberg reported Friday, citing court documents.

Instagram, which was acquired by Meta -- then Facebook -- for $715 million in 2012, generated revenue of $22 billion in 2020, or 26% of Meta's total sales, the report said. That revenue jumped to $32.4 billion in 2021, or 27% of Meta's business.

The numbers were disclosed in court filings related to the US Federal Trade Commission's antitrust suit to break up the company, the report said.

As Meta's quarterly earnings reports do not provide a revenue breakdown, the numbers confirm that Instagram is growing at a faster pace than any other Meta social networking services, according to the report.

A company spokesperson declined to comment, the report said.

Meta did not immediately reply to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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