Meta revenue fell for the first time since the 2012 IPO

The proceeds would be 116.61 billion US dollars (106.57 billion euros) in the previous year, the group announced on Wednesday evening.

That was one percent down from 2021. In the fourth quarter of 2022, Meta reportedly reported revenue of $32.17 billion (down four percent year-on-year) and halved net income to $4.65 billion – analysts had six billion dollars expected.

Mark Zuckerberg’s group is struggling with competition from the online service TikTok. The service, with which short videos can be shared, is chasing market share from the Meta subsidiary Instagram in particular. The economic crisis is also weighing on Meta because companies are spending less on advertising on the various platforms. In November, Meta announced it would cut 11,000 jobs — around 13 percent of its total workforce.