Facebook parent Meta posts first revenue decline in history
Meta, the parent company of Facebook and Instagram, posted its first revenue decline in history Thursday, dragged down by a drop in ad spending as the economy falters — and as competition from rival TikTok intensifies. CEO Mark Zuckerberg said Meta is slowing its pace of investments and plans to “steadily reduce” employee growth after a hiring blitz earlier this year. “Expect us to get more done with fewer resources.” Beyond the economic downturn, Meta faces some unique challenges, including the looming departure of its chief operating officer Sheryl Sandberg, the chief architect of the company’s massive advertising business. In addition to TikTok, the decline in ad spending among the downturn and Apple’s privacy changes, “questions about Meta’s leadership” — including Sandberg’s exit and negative sentiment about the company as a whole — also contributed to the decline, said Raj Shah, a managing partner at digital consultancy Publicis Sapient. “The year-over-year drop in quarterly revenue signifies just how quickly Meta’s business has deteriorated,” said Insider Intelligence analyst Debra Aho Williamson in an email.
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