“That being said, it was a mixed report overall as the social media giant continues to struggle with slowing revenue growth amid reduced ad spending amid the current inflationary environment,” Cohen said.
Apple’s recent privacy changes to its iPhone software iOS have made it harder for companies like Meta to track people for advertising purposes, which also puts pressure on the company’s revenue. For months now, Meta has been warning investors that its revenue can’t continue to grow at the breakneck pace they are accustomed to, so it’s likely that the quarter’s single-digit revenue growth was already baked into investor expectations.
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