Meta's profit plunges as ad revenue falls, but daily users up

Facebook's parent company Meta on Thursday reported its revenue declined for a second consecutive quarter, as it took a hit by falling advertising revenue.
Revenues for the third quarter fell 4% year-on-year to $27.7 billion, while profit fell by 52% to $4.4 billion.
Meta said on average 2.93 billion people use one of its social media platforms, which includes Instagram, Messenger and WhatsApp, every day, an increase of 4% year-over-year.
Founder and chief executive Mark Zuckerberg said the "community" continued to grow.
"I'm pleased with the strong engagement we're seeing driven by progress on our discovery engine and products like Reels," he said.
"While we face near-term challenges on revenue, the fundamentals are there for a return to stronger revenue growth. We're approaching 2023 with a focus on prioritization and efficiency that will help us navigate the current environment and emerge an even stronger company."