Updated July 27, 2022 at 4:44 pm ET
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Facebook parent Meta Platforms posted its first-ever revenue decline and issued a muted outlook as the company struggles to adjust to macroeconomic forces and growing competition from rival TikTok.
The company reported quarterly revenue of $28.8 billion, down nearly 1% from a year earlier and slightly below the $28.9 billion expected by Wall Street. It is the first time that the company has recorded a quarterly drop in revenue compared to the previous year.