Meta’s share price, revenues and profits have all fallen as companies reduce their advertising budgets amid economic uncertainty.
In comparison to a year ago, sales have decreased by 4% to $27.7 billion (£23.9 billion), while the firm’s profits have halved.
The growing popularity of TikTok and changes to Apple’s privacy settings are also said to be contributing factors to Meta’s loss.
In July, the tech company reported its first quarterly decline in revenue as brands began to be spooked by the economic outlook and started to cut their advertising budgets.
Meta shares are currently trading around 60% lower than they were at the beginning of the year, reducing the value of the company by hundreds of billions.
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“There are a lot of things going on right now in the business and in the world,” Meta founder Mark Zuckerburg said.
“We’re going to resolve each of these things… I think those who are patient and invest with us will end up being rewarded.”
Insider Intelligence analyst Debra Aho Williamson told the BBC: “Mark Zuckerberg’s decision to focus his company on the future promise of the metaverse took his attention away from the unfortunate realities of today: Meta is under incredible pressure”.
