Meta, the parent company of Facebook and Instagram, has reported a fall in sales for the first time in its history. The results follow a drop in advertising sales due to the economic problems and more competition from its rival TikTok.
The company had net income of $6.69 billion, or $2.46 per share, in the period from April to June. That is 36% less than the $10.39 billion, or $3.61 per share, in the same period last year. Total sales were $28.82 billion, down 1% from $29.08 billion last year.
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