The owner of Facebook and Instagram has warned of a further slowdown in sales as advertisers cut spending in preparation for a global economic downturn.
Profits at Meta Platforms more than halved in the third quarter – the first time in almost a decade that its profits have fallen for four consecutive quarters. It said revenues could drop to as low as $30 billion in the fourth quarter.
Shares in the world’s largest social media group dropped by 10.8 per cent, or $13.99, to $115.83 during out-of-hours trading in New York. Investors were unnerved despite sales at Meta holding up better than had been feared in the three months to September.
The news capped a challenging day for Big Tech. Shares in Alphabet, the owner
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