Facebook’s parent company Meta beat estimates for its quarterly revenue, aided by its continued dominance of the online advertising market.

Revenue in the third quarter fell for the second consecutive time to $ 27.71 billion (£ 23.83 billion) from $ 29.01 billion (£ 24.94 billion).

But it was still above analysts’ expectations of $ 27.38 billion (£ 23.54 billion), according to Refinitiv data.

Net income fell to $ 4.40 billion (£ 3.78 billion), or $ 1.64 per share, from $ 9.19 billion (£ 7.9 billion) or $ 3.22 per share, a year before.

The company said it is making “significant changes across the board to operate more efficiently.”

“We are holding some teams down in terms of staffing, reducing others and investing staff growth only in our top priorities,” he added.

“As a result, we expect the headcount at the end of 2023 to be approximately in line with the levels of the third quarter of 2022.

“We have increased control over all areas of operating expenses.

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“However, these moves follow a substantial investment cycle, so it will take some time to play in terms of the overall spending trajectory.

“Some steps, such as the ongoing streamlining of our office footprint, will lead to incremental costs in the short term.

“This should prepare us well for years to come when we expect to return to higher revenue growth rates.”

Spending in 2022 is expected to be in the range of $ 85 billion to $ 87 billion, with full-year spending estimated at $ 96 billion to $ 101 billion for next year.

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