Meta blames weak advertising demand, rivals for Q4 2022 revenue decline
Rivals such as TikTok and continuing effects from App Tracking Transparency attributed to last quarter’s decline. Weak advertising demand and competition from TikTok and other rivals yielded lower fourth quarter revenue and profit for Meta, Facebook’s parent company. Ad revenue was down 4% to $31.3 billion at Meta’s advertising-supported properties, including Facebook, Instagram, Messenger, and WhatsApp. Advertising revenue was 97% of Meta’s total revenue in the quarter. Ad revenue in North America was flat, declined 16% in Europe and 3% in the Asia-Pacific. Revenue increased by 5% elsewhere (“Rest…
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