The company’s advertising sales efforts are hitting a number of snags. Marketers are spending less due to various economic pressures, leaving Meta and its peers to compete for the smaller budgets. Apple Inc.’s privacy rules have made ads on Facebook and Instagram less effective.
Meta Platforms Inc., the social media giant that includes Facebook and Instagram, reported its first-ever quarterly sales decline, citing advertisers’ shrinking budgets.
Meta revenue slipped to US$28.8 billion in the second quarter, missing the US$28.9 billion average analyst estimate. The company’s forecast for the current period also fell short. Shares dropped more than 4% in late trading.
