Jul 27, 2022
Facebook owner Meta sees first ever sales decline
Total revenue slipped 1% to $28.8bn, but parent company Meta fended off a decline in users. That's still a marked shift for the social media network, which has enjoyed years of double digit growth. It comes amid increased competition from TikTok and giants like Amazon. Earlier this year, Facebook reported its first ever decline in daily active users. In response, the company recently shifted its algorithms on Instagram and Facebook to act more like TikTok, recommending posts to users from outside the base of accounts they follow.
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