Facebook parent Meta has beaten estimates for its quarterly revenue, helped by its continued dominance of the online advertising market.
Revenue in the third quarter fell for a second consecutive time to $27.71bn (£23.83bn) from $29.01bn (£24.94bn).
But it was still above analysts’ expectation of $27.38bn (£23.54bn), according to Refinitiv data.
Net income fell to $4.40bn (£3.78bn), or $1.64 per share, from $9.19bn (£7.9bn), or $3.22 per share, a year earlier.
The company said it is making “significant changes across the board to operate more efficiently”.
“We are holding some teams flat in terms of headcount, shrinking others and investing headcount growth only in our highest priorities,” it added.
“As a result, we expect headcount at the end of 2023 will be approximately in-line with third quarter 2022 levels.
“We have increased scrutiny on all areas of operating expenses.
“However, these moves follow a substantial investment cycle, so they will take time to play out in terms of our overall expense trajectory.
“Some steps, like the ongoing rationalisation of our office footprint, will lead to incremental costs in the near term.
“This should set us up well for future years, when we expect to return to higher rates of revenue growth.”
Expenses in 2022 are expected to be in the range of $85bn to $87bn, with full-year expenses next year estimated at $96bn to $101bn.