Facebook parent Meta’s quarterly revenue beat estimates, helped by its continued dominance of the online advertising market.
Revenue in the third quarter fell for the second time in a row to $27.71 billion (£23.83 billion) from $29.01 billion (£24.94 billion).
But that was still higher than analysts’ expectations of $27.38 billion (£23.54 billion), according to Refinitiv data.
Net income fell to $4.4 billion (£3.78 billion), or $1.64 per share, from $9.19 billion (£7.9 billion), or $3.22 per share, a year earlier.
The company said it was making “significant changes across the board to improve operational efficiency.”
It added: “We are keeping some teams the same in terms of headcount, downsizing others and investing in headcount growth as our highest priority.”
“As a result, we expect headcount at the end of 2023 to be roughly in line with the level in the third quarter of 2022.
“We have intensified our scrutiny of all areas of operating expenses.
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“However, these moves follow a substantial investment cycle, so in terms of our overall spending trajectory, they will take time to play out.
“Some steps, such as the continued rationalisation of our office footprint, will lead to increased costs in the short term.
“This should prepare us for the next few years, when we expect to return to higher revenue growth rates.”
Spending is expected to be between $85 billion and $87 billion in 2022, with spending for the full year next year expected to be between $96 billion and $101 billion.