Facebook parent Meta was hit with a double whammy in the last three months: revenue fell for the first time ever and profit shrank for the third straight quarter, amid growing competition from TikTok and nervousness from advertisers.
Facebook parent Meta's results are the latest sign of a protracted slowdown in the digital ad market.
The company's forecast for sales in the current quarter, of $26 billion to $28.5 billion, was also short of analysts' estimates.There was a silver lining in Meta's quarterly report, however: people keep using Facebook. The number of people logging on to the flagship social network daily ticked up 3% to 1.97 billion, defying Wall Street's expectations of another decline.
's revenue unexpectedly declined, which the company blamed on nervous advertisers and its fraught deal to sell the company to Elon Musk.Faced with increasing competition over a shrinking pool of advertising dollars, Meta is trying to pull off an ambitious pivot. It's
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