Facebook-parent Meta posts declining sales for the third consecutive quarter trends now Facebook-parent Meta posts declining sales for the third consecutive quarter: Revenue dropped 4% to $32.17B but sank less than Wall Street expected By Keith Griffith For Dailymail.com Published: 21:18 GMT, 1 February 2023 | Updated: 21:29 GMT, 1 February 2023 Viewcomments Meta has reported its third quarter in a row of declining sales -- but the damage was less than Wall Street had expected, sending shares of the company higher. Facebook's parent company on Wednesday reported revenue of $32.17 billion for the quarter that ended in December, down 4% from a year earlier but higher than the $31.53 billion analysts expected, according to Refinitiv data. Daily active users across Meta's platforms, another key figure, also outpaced expectations, coming in at 2.96 billion on average for December, a 5% increase from a year ago. 'Our community continues to grow and I'm pleased with the strong engagement across our apps,' said CEO Mark Zuckerberg in a statement. Shares of Meta jumped more than 17% percent in extended trading. Meta has reported its third quarter in a row of declining sales -- but the damage was less than Wall Street had expected, sending shares of the company higher The report showed that Facebook's daily active users rose 4% from last year and hit 2 billion for the first time, which Zuckerberg touted as a 'milestone'. 'The progress we're making on our AI discovery engine and Reels are major drivers of this,' he added. 'Beyond this, our management theme for 2023 is the 'Year of Efficiency' and we're focused on becoming a stronger and more nimble organization,' said Zuckerberg. In November, Meta said it would cut 13% of its workforce, or more than 11,000 employees, as it grapples with a weak advertising market and mounting costs. Shares of Meta rallied more than 20% in January, outperforming a broader market rally. But the Facebook-parent's stock is still down more than 50% from a year ago, following a punishing sell-off in 2022 that wiped more than $600 billion off its market valuation. Developing story, more to follow. Share or comment on this article: All rights reserved for this news site (dailymail) and under his responsibility