Meta revenue drops 4% year-on-year

In brief

Meta’s quarterly revenue was down 4% year-over-year to $27.71bn, according to its latest financial results.

The tech giant’s costs and expenses have risen by 19% to $22.05bn compared to the same time last year, and its headcount has increased by 28%.

Facebook’s daily active users went up by 3% year-over-year to 1.98 billion, and its monthly active users increased by 2% to 2.96 billion.

Looking forward, the company expected revenue for Q4 2022 to be in the range of $30- $32.5bn and there will be “a focus on prioritization and efficiency”. In particular, its headcount at the end of 2023 would be approximately in line with Q3 2022 levels.