Facebook and Instagram's parent company Meta posted its first revenue decline in history on Thursday, dragged by a drop in ad spending as the economy falters — and as competition from rival TikTok intensifies.

The company's stock dropped slightly in after-hours trading following the results, suggesting Wall Street was largely expecting the weak earnings report.

The company earned profits of $6.69 billion, or $2.46 per share, in the April-June period. That's down 36% from $10.39 billion, or $3.61 per share, in the same period a year ago.

Revenue was $28.82 billion, down 1% from $29.08 billion a year earlier.

Analysts, on average, were expecting earnings of $2.54 per share on revenue of $28.91 billion, according to a poll by FactSet.

Shares of Meta Platforms Inc. fell 58 cents to $169 in after-hours trading.