Facebook and Instagram's parent company Meta posted its first revenue decline in history on Thursday, dragged by a drop in ad spending as the economy falters -- and as competition from rival TikTok intensifies.
The company's stock dropped slightly in after-hours trading following the results, suggesting Wall Street was largely expecting the weak earnings report.
The company earned profits of US$6.69 billion, or $2.46 per share, in the April-June period. That's down 36% from $10.39 billion, or $3.61 per share, in the same period a year ago.Analysts, on average, were expecting earnings of $2.54 per share on revenue of $28.91 billion, according to a poll by FactSet.
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