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Facebook’s parent company Meta closed the year with its first-ever year-over-year decline in ad revenue due to a weak economic climate and Apple’s privacy rules. However, the company reported strong demand for advertising as it saw an uptick in Facebook users.
Meta reported nearly $32.2 billion in revenue for the quarter, down 4% from the year prior, but slightly exceeding Wall Street expectations. After hours, Meta stock is up +18%.
“Facebook’s growth in daily active users is a positive sign and indicates that existing users are still finding things to engage with on the platform,” Insider Intelligence principal analyst Debra Aho Williamson told Adweek.
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