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The third quarter of 2022 was another disappointing three-month period for Meta, as Facebook’s parent company posted revenue of $27.71 billion, down 4% from $29.01 billion in the third quarter of 2021.
While the company’s revenue for the quarter slightly exceeded projections of $27.38 billion from Refinitiv and $27.4 billion from Investopedia, that did little to pacify analysts, with Investing.com senior analyst Jesse Cohen saying in an email to Adweek, “Facebook’s awful quarter and weak outlook further underline the view that advertisers have been cutting back on spending as the overall economy battles with inflation, higher interest rates and shifting consumer patterns.
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