Meta, the parent company of Facebook, is expected to report its second consecutive quarter of declining sales, as the company contends with a widespread drop in online ad spending and rising competition from TikTok.
October 26, 2022, 3:16 PMFacebook founder Mark Zuckerberg speaks at Georgetown University in a 'Conversation on Free Expression' in Washington, D.C., Oct. 17, 2019.Meta, the parent company of Facebook, reported a second consecutive quarter of declining sales on Wednesday, as the company contends with a widespread drop in online ad spending and rising competition from TikTok.
In addition, an Apple iOS privacy update last year, which limits the capability of advertisers to target users, has continued to weigh on ad sales at the heart of Meta’s business. Revenue declined 4% year-over-year, the earnings report showed. That slump exceeded the 1% year-over-year decline during the previous quarter.Meanwhile, the company reported 2.93 billion daily active users on its family of apps, which includes Facebook, Instagram, WhatsApp and Messenger. That figure comprises 4% year-over-year growth, which matches the rise in daily users reported over the prior quarter.experienced by the tech-heavy NASDAQ.
The continued revenue decline marks the latest in a series of challenges for Meta this year, including the announcement in June that Chief Operating Officer Sheryl Sandberg would
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