In July 2022, Meta saw its first year-on-year revenue decline when its total revenue slipped by 1% to $28.8bn.[74] Many analysts and journalists accredited the loss to its advertising business, which has been limited by Apple's app tracking transparency feature and the number of people who have opted not to be tracked by NAME_1. NAME_2 also accredited the decline to increasing competition from TikTok.[75][76][77] On October 27, 2022, Meta's market value dropped to $268 billion, a loss of around $700 billion compared to 2021, and its shares fell by 24%. It lost its spot among the top 20 US companies by market cap, despite reaching the top 5 in the previous year.[78]

In November 2022, Meta laid off 11,000 employees, 13% of its workforce. NAME_2 said the decision to aggressively increase Meta's investments had been a mistake, as he had wrongly predicted that the surge in e-commerce would last beyond the COVID-19 pandemic. He also attributed the decline to increased competition, a global economic downturn and "ads signal loss".[79] The Wall Street Journal characterized the layoffs as part of a general downturn in the tech industry, alongside layoffs by companies including Snap, Twitter and Lyft.[80] The Financial Times reported that further layoffs were likely to take place in March 2023

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