Facebook parent Meta Q3 revenue, profit decline
Facebook parent Meta has reported that its revenue decline for a second consecutive quarter
By BARBARA ORTUTAY
Published - Oct 26, 2022, 04:37 PM ET
Last Updated - Jun 24, 2023, 12:57 AM EDT
Facebook parent Meta on Wednesday reported that its revenue declined for a second consecutive quarter, hurt by falling advertising revenue amid competition from the wildly popular video app TikTok.
Meta's disappointing results followed weak earnings reports from Google parent Alphabet Inc. and Microsoft this week.
Meta earned $4.4 billion, or $1.64 per share, in the three month period that ended Sept. 30. That's down 52% from, $9.19 billion, or $3.22 per share, in the same period a year earlier.
Revenue fell 4% to $27.71 billion from $29.01 billion.