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Facebook parent company Meta reports first-ever losses for global tech giant

Facebook and Instagram’s parent company Meta has posted its first-ever revenue decline, dragged down by a drop in ad spending as the economy falters, and increasing competition from rival TikTok.

Meta’s stock dropped only slightly following the results, suggesting Wall Street was largely expecting the weak earnings report.

The company’s total revenue, comprised almost entirely of ad sales, fell 1 per cent to $US28.82 billion ($41.1 billion) in the June quarter, nearly half a billion from last year.

The results follow a broader decline in the digital advertising market that is dinging rivals such as Snap and Alphabet, Google’s parent company, which reported its slowest quarterly growth in two years.

The results shed light on the unique strain Meta’s core social media business is experiencing, as it competes for users’ time with short video app TikTok and adjusts its ads business to privacy controls rolled out by Apple last year.

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