Meta’s quarterly profit more than halved to $4.4 bn

The social networking giant also said revenue slipped to $27.7 billion from $29 billion a year earlier

Facebook-parent Meta reported Wednesday that its profit more than halved to $4.4 billion in the third quarter from $9.2 billion a year earlier. File. | Photo Credit: AFP

Facebook-parent Meta reported Wednesday that its profit more than halved to $4.4 billion in the third quarter from $9.2 billion a year earlier, and said it plans “significant changes” to bolster efficiency in a tough economic environment.

The social networking giant, which faces stagnating user numbers and cuts in advertising budgets, also said revenue slipped to $27.7 billion from $29 billion a year earlier.

“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,” Meta chief Mark Zuckerberg said in an earnings release.