Facebook parent company Meta posts first revenue decline in history

Facebook and Instagram's parent company Meta posted its first revenue decline in history Thursday, dragged by a drop in ad spending as the economy falters — and as competition from rival TikTok intensifies.

The company's stock dropped slightly in after-hours trading following the results, suggesting Wall Street was largely expecting the weak earnings report.

The results also largely followed a broader decline in the digital advertising market that is dinging rivals such as Alphabet and Snap. Google's parent company reported its slowest quarterly growth in two years on Tuesday.