In a press release issued on Wednesday, Facebook’s parent company, Meta, reported a decline in revenue for the second consecutive quarter. Facebook’s inability to compete with TikTok, an incredibly popular video app, led to a drop in ad sales, which contributed significantly to this decline.
The Menlo Park, California, company reported quarterly earnings of $4.4 billion, or $1.64 per share, for the fiscal quarter ending September 30. “expectations for earnings per share were in the neighborhood $1.90,” the research by Andrew Ryu found.
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