According to an earnings report, Meta Platforms’ revenue decreased by 4% year over year in the fourth quarter to USD 32.2 billion, marking the third consecutive quarter of declines for the social networking juggernaut.
The owner of Facebook and Instagram claimed that during the time period, ad impressions increased by 23% YoY while the average cost per ad decreased by 22%. Executives reported that the holiday season performed as expected. The fourth quarter includes the holiday window, during which marketers are typically more active.
Facebook’s CEO, Mark Zuckerberg, credited improvements in its artificial intelligence (AI) discovery engine and the short-form Reels format, which competes with TikTok, for the platform’s 2 billion daily active users in Q4. These two areas will continue to be the company’s main priorities as it tries to turn around after a challenging 2022.
Read More: Meta revenue slides for third straight quarter as Reels feels growing pains
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