Feb 3, 2022

Facebook owner Meta warns advertising is slowing

Image source, EPA. Facebook-owner Meta has warned of slowing growth, as audiences flock to competitors like TikTok and the businesses that advertise on its platforms cut marketing budgets. The search giant, which also relies on advertising, reported revenues and profits that rose more than 30%.But Meta - the parent company of Facebook, Instagram and WhatsApp - has seen its dominance of social media challenged by companies like TikTok, known for its 30-second videos. Meta boss Mark Zuckerberg said the firm's sales growth had been hurt as audiences - especially younger users - left for rivals. In its forecast for investors on Wednesday, Meta said it expected revenue growth of between 3% and 11% in the first three months of 2022.As well as the threat from TikTok, that slowdown at least partly reflects bigger economic issues, executives said. Meta revenues in the last three months of 2021 topped $33.6bn, up 20% year-on-year.

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