Facebook parent Meta reports revenue drop amid Big Tech slump – NPR

Meta employees demonstrate the Meta Quest Pro virtual reality headset during a media preview at the Meta Store in Burlingame, Calif. on Tuesday, Oct. 25. Nic Coury/Bloomberg via Getty Images hide caption toggle caption Nic Coury/Bloomberg via Getty Images Meta employees demonstrate the Meta Quest Pro virtual reality headset during a media preview at the Meta Store in Burlingame, Calif. on Tuesday, Oct. 25. Nic Coury/Bloomberg via Getty Images It’s gotten tougher for Big Tech. Facebook and Instagram’s parent company Meta said revenue fell 4% in the three months from July through September compared to a year earlier, from $29 billion to $27.7 billion. The announcement caused shares to plunge on Wednesday. The company said the losses reflected uncertainty in the broader economy as companies pull back on digital advertising and struggle with inflation. Meta’s financial struggles follow a trend among similar companies. Alphabet, which reported earnings Tuesday, said revenue from Google advertising was $54.5 billion, down from $56.3 billion the prior quarter. YouTube, which also sits under Alphabet, saw a drop in ad revenue to $7.1 billion, down from $7.3 billion. “It’s tough times out there,” said Scott Kessler, an analyst at investment research company Third Bridge. “Digital advertising…
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