Meta Platforms issued a gloomy forecast after recording its first ever quarterly drop in revenue, with recession fears and competitive pressures weighing on its digital ads sales.
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Investors are also bracing for flat user growth and a third consecutive quarter of profit declines.
Shares of social media firms fell sharply on Friday as Twitter joined the Snapchat owner in signalling a cutback in digital ad spend as economic growth sputters.
Facebook is revamping its main feed in a bid to style its apps after short-form video competitor TikTok.
Meta Platforms will start letting more users create multiple profiles with their Facebook accounts.
Meta Platforms has cut plans to hire engineers as CEO Mark Zuckerberg warned employees to brace for a deep economic downturn.
Meta Platforms, Microsoft and other tech giants have formed a group to foster development of industry standards for the metaverse.
Sheryl Sandberg not only built out Facebook’s money-printing business model. She also became embroiled in the company’s many controversies.
Meta Platforms chief operating officer Sheryl Sandberg, who helped build the world’s biggest social network, is leaving the company after 14 years.
Meta Platforms said its class-A common stock will begin trading on the Nasdaq under the ticker symbol “META” prior to market open on 9 June.