Business

Investors reacted negatively to the latest quarterly earnings from Meta. Facebook’s parent company cautioned that its revenue growth would slow because of more competition for eyeballs, especially from TikTok, which is more trendy among younger users of social media. Facebook’s app lost users in America, its most lucrative market for advertising, which contributed to its first-ever loss of users globally on a quarter-by-quarter basis. Meta also broke out the numbers for its Reality Labs unit for the first time. The driving force behind the company’s ambitions for the metaverse made a $3.3bn operating loss.