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Facebook parent company Meta posts first revenue decline in history
Business

Facebook parent company Meta posts first revenue decline in history

Facebook and Instagram's parent company Meta posted its first revenue decline in history 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 results also largely followed a broader decline in the digital advertising market that is dinging rivals such as Alphabet and Snap. Google's parent company reported its slowest quarterly growth in two years on Tuesday. Meta also faces some unique challenges, including the looming departure of its chief operating officer Sheryl Sandberg, the chief architect of the company's massive adv...