Facebook parent Meta has 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 and Microsoft this week.
Meta earned 4.4 billion dollars (£3.78 billion), or 1.64 dollars per share, in the three-month period that ended on September 30.
That is down 52% from 9.19 billion dollars (£7.9 billion), or 3.22 dollars per share, in the same period a year earlier.
Revenue fell 4% to 27.71 billion dollars (£23.83 billion) from 29.01 billion dollars (£24.95 billion).
Analysts were expecting earnings of 1.90 dollars per share on revenue of 27.4 billion dollars (£23.57 billion) in the latest quarter, according to FactSet.
Meta’s stock tumbled 11% in after-hours trading.
