Facebook parent Meta reports Q3 revenue decline

Meta’s disappointing results followed weak earnings reports from Google parent Alphabet and Microsoft this week (Tony Avelar/AP)

Facebook parent Meta has reported that its revenue declined for a second consecutive quarter, hurt by falling advertising revenue amid competition from the wildly popular video app TikTok.

The quarter’s weak results raised fresh questions about whether Meta’s plans to spend 10 billion dollars (€9.98bn) a year on the metaverse – a concept that does not quite exist yet and possibly never will – is prudent.