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First ever sales fall for Facebook owner Meta

The owner of Facebook and Instagram was hit by a fall in advertising sales in the three months to July which caused the first year-on-year revenue decline in the firm’s history.

Meta’s total revenue slipped 1% to $28.8bn (£23.7bn), but the company fended off a decline in users.

Analysts fear the company’s growth may have peaked after years of large gains.

Rivals such as TikTok have eroded its popularity, while more firms are competing for ad spending.

Meta, which typically commands more than 20% of the global ad market, warned investors that ad sales were likely to fall again in the months ahead, as e-commerce spending falls from its pandemic boom and companies worried about inflation and the war in Ukraine spend more cautiously.

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