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Meta Q3 report is in, and it’s not great

Can’t say we didn’t see this coming…

Meta saw another drop in revenue, falling from around $29B in 2021 to $27.7B as of Q3.

Also, ad impression costs went up by 17% year-over-year (YoY), even though the average price per ad decreased by 18% (YoY).

And while Meta got a few bumps in daily active users and engagement YoY, their CFO Outlook Commentary admitted the company needs to be more efficient, and is already “shrinking” some of its teams.

Still chasing the dream: In other news, Meta released Advantage+ shopping campaigns to make it easier for advertisers to test ad creative, targeting, placements, and budgets.

Apparently you can create up to 150 creative combinations by setting one campaign. That seems useful in theory…

Of course, Meta also admitted their targeting isn’t great, among other things, so keep that in mind.

Why we care: Given all the factors we’ve covered before, including the brakes on ad spend, economic uncertainty, privacy challenges, etc., Meta’s Q3 report isn’t surprising.

Not that you weren’t doing this already, but… you’ll want to keep a close eye on your return on ad spend (ROAS).

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