Facebook Parent Meta Posts First Revenue Decline in History

The results largely followed a broader decline in the digital advertising market that is dinging Meta rivals such as Google, Twitter, and Snap.

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A Meta Portal Go is displayed during a preview of the Meta Store in Burlingame, Calif., Wednesday, May 4, 2022. Facebook and Instagram’s parent company Meta posted its first revenue decline in history on Thursday, July 27, 2022 dragged by a drop in ad spending as the economy falters — and as competition from rival TikTok intensifies. (AP Photo/Eric Risberg)
Image via AP Photo/Eric Risberg

This article was republished here with permission from The Associated Press, however it is no longer available to read on Snopes.com.

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 revenue decline — and Snap. Google’s parent company Alphabet reported its slowest quarterly…

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