Revenue fell by 1 percent compared to last year and landed at $28.8 billion, a figure that in turn can be compared to an expected $28.9 billion.
Meta's stock fell slightly in after-hours trading, but there was no deep dive, suggesting that Wall Street had largely expected the weak earnings report.
The company reported a profit of $6.7 billion, or $2.46 per share, while expectations were for $2.59 per share.
The weak result is explained by declining advertising revenue, the general uncertainty surrounding the economy - and the stiff competition from the challenger Tiktok.