Zuckerberg saw Meta’s total revenue drop 1% to $28.8bn (£23.7bn). Rival apps, such as TikTok, have gained masses of popularity in the past 3 years. Meta holds 20% of the global ad market and warned investors that ad sales were likely to fall again in the coming months.
“Essentially it’s now become a low-to no-growth company,” Zuckerberg said.
In the beginning of this year, Facebook reported its first ever drop in daily users.
In response, the company, which also owns WhatsApp, changed its algorithms on Instagram and Facebook to act more like TikTok.
Read more at BBC