Facebook parent Meta on Wednesday reported that its revenue declined for a second consecutive quarter, hurt by falling advertising revenue amid competition from the wildly popular video app TikTok.
Meta’s disappointing results followed weak earnings reports from Google parent Alphabet and Microsoft this week.
Mark Zuckerberg’s Meta earned $4.4 billion, or $1.64 per share, in the three month period that ended Sept. 30. That’s down 52% from, $9.19 billion, or $3.22 per share, in the same period a year earlier.
Revenue fell 4% to $27.71 billion from $29.01 billion.
Analysts were expecting earnings of $1.90 per share on revenue of $27.4 billion in the latest quarter, according to FactSet.
Meta’s stock tumbled 11% in after-hours trading.