Facebook Parent Meta Poised to Report First-Ever Revenue Drop

Facebook parent Meta Platforms is expected to post its biggest drop in daily users and its first decline in revenue as the company struggles to adjust to macroeconomic forces and growing competition from rival TikTok.

The company is expected to report quarterly revenue of $28.9 billion, according to analysts surveyed by FactSet. That figure would be down 0.6% from a year prior and would represent the first time that the company has posted a quarterly drop in revenue from the year earlier.