Facebook parent Meta was hit with a double whammy in the last three months: revenue fell for the first time ever and profit shrank for the third straight quarter, amid growing competition from TikTok and nervousness from advertisers.
"We seem to have entered an economic downturn that will have a broad impact on the digital advertising business," CEO Mark Zuckerberg told investors on a conference call. "I'd say that the situation seems worse than it did a quarter ago."
