Meta, the parent company of Facebook and Instagram, posted a revenue decline for the third consecutive quarter as it faces a pullback in ad spending and heightened competition from the likes of Tik…
Facebook’s user growth has slowed down — but the service remains massive. The company said the service had 2.0 billion daily active users in the fourth quarter, versus 1.984 billion daily active users on average in Q3.
Wall Street consensus estimates were for revenue of $31.53 billion and earnings of $2.22 per share. Analysts expected Facebook’s Q4 DAUs to come in at 1.99 billion, according to StreetAccount. Meta is among tech companies that have slashed their workforces amid economic uncertainty and a drop in ad spending. In November, the social-media giant announced, as part of its efforts to reduce costs.
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