Facebook parent posts 1st revenue drop in history

Google's parent company Alphabet reported its slowest quarterly growth in two years. CEO Mark Zuckerberg said Meta was slowing its pace of investments and planned to “steadily reduce” employee growth after a hiring blitz earlier this year.

He told analysts to "expect us to get more done with fewer resources".Beyond the economic downturn, Meta faces some unique challenges.Meta forecasts revenue of $26 billion to $28.5 billion for the current quarter, which is below Wall Street's expectations.Meta is in the midst of a corporate transformation that it says will take years to complete.The company is investing billions in its metaverse plans that will likely take years to pay off - and as part of its plan renamed itself Meta last fall.