The Facebook and Instagram owner was hit by a drop in ad sales in the three months to July — the first year-over-year decline in the company’s history.
Total revenue fell 1% to $28.8bn (£23.7bn), but parent company Meta has fended off a drop in user numbers.
That’s still a significant change for the social media network, which has grown at double-digit rates for years.
It comes amid rising competition from TikTok and giants like Amazon.
Earlier this year, Facebook reported its first drop in daily active users.
In response, the company recently changed its algorithms on Instagram and Facebook to behave more like TikTok, recommending posts to users from outside the base of the accounts they follow.
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