Facebook parent Meta posts first revenue decline in history

CALIFORNIA (AP) — Facebook and Instagram’s parent company Meta posted its first revenue decline in history today, dragged by a drop in ad spending as the economy falters — and as competition from rival TikTok intensifies.

The company earned $6.69 billion, or $2.46 per share, in the April-June period.

That’s down 36% from $10.39 billion, or $3.61 per share, in the same period a year ago.

Revenue was $28.82 billion, down 1% from $29.08 billion a year earlier.

The results were below Wall Street’s expectations and Meta’s stock fell after-hours.

Meta is in the midst of a corporate transformation that it says will take years to complete.