Facebook parent Meta has announced a drop in income for the second quarter in a row, owing to decreased advertising revenue and competition from the immensely popular video app TikTok.
This week’s poor earnings reports from Google parent Alphabet and Microsoft were followed by Meta’s.
In the three months ending September 30, Meta earned 4.4 billion dollars (£3.78 billion), or 1.64 dollars per share.
This is down 52% from 9.19 billion dollars (£7.9 billion), or $3.22 per share, in the same period last year.
Revenue declined 4% to $27.71 billion (£23.83 billion) from $29.01 billion (£24.95 billion).
According to FactSet, analysts expected profits per share of 1.90 dollars on revenue of 27.4 billion dollars (£23.57 billion) in the most recent quarter. Meta’s stock tumbled 11% in after-hours trading.