Meta earned profits of $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.
Meta, the parent company of Facebook and Instagram, posted its first revenue decline in history Thursday, dragged down by a drop in ad spending as the economy falters — and as competition from rival TikTok intensifies.
The results largely followed a broader decline in the digital advertising market that is dinging Meta rivals such as Google, Twitter — which also posted a today!
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