It’s the latest sign of belt-tightening at the Silicon Valley-based tech giant that recently laid off thousands of employees.
as the company struggles with falling advertising sales due to stiff competition from rising social media app TikTok.
Revenue fell 4% to $27.71 billion from $29.01 billion, slightly higher than the $27.4 billion that analysts had predicted. Before the recent downturn, Meta expanded its real estate footprint in New York City in anticipation of bringing back its employees to the office en masse.
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