Meta CEO Mark Zuckerberg testified in April that the company was initially slow to recognize the competitive threat of TikTok, and that Meta has over the years tried to build many apps that never gained traction. Meta said on Wednesday that while it was not providing an outlook for fourth-quarter revenue, the company expected the year-over-year growth rate in the period to be slower than in the third quarter. Instagram, whose Reels product competes with ByteDance’s TikTok and YouTube Shorts for ad dollars in the popular short video format, is set to account for more than half of Meta’s ad revenue in the U.S. this year, according to research firm eMarketer.
Author: Reuters
Published at: 2025-07-30 21:20:37
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