Facebook owner Meta sales continue to fall

The company's share price has plunged, revenues are falling and profits are on the decline. The picture worsened on Wednesday, after the company, now named Meta, updated investors on three months ended in September. The company, which also owns Instagram and WhatsApp, is struggling as companies cut advertising budgets in the face of economic uncertainty, and competition from rivals such as TikTok heats up. Investor confidence plunged in February, when the company revealed it had lost daily users for the first time ever. The company reported its first quarterly decline in revenue, as companies spooked by the economic outlook cut their advertising budgets.

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