Facebook’s parent company, Meta, beat estimates for its quarterly revenue, helped by its continued dominance of the online advertising market.

Revenue in the third quarter fell for the second time in a row to $27.71bn (£23.83bn) from $29.01bn (£24.94bn).

But that still beat analysts’ expectations of $27.38bn (£23.54bn), according to data from Refinitiv.

Net income fell to $4.40bn (£3.78bn), or $1.64 a share, from $9.19bn (£7.9bn), or $3.22 a share, a year earlier earlier.

The company said it is making “significant changes in all areas to operate more efficiently.”

“We are keeping some teams the same in terms of headcount, reducing others and investing headcount growth only in our highest priorities,” the statement added.

“As a result, we expect headcount at the end of 2023 to be roughly in line with the level of the third quarter of 2022.

“We have strengthened control over all areas of operating expenses.

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“However, these moves come after a significant investment cycle, so it will take time to reflect on our overall spending trajectory.

“Some steps, such as the ongoing rationalization of our office space, will result in additional costs in the near term.

“This should set us up for the coming years, when we expect to return to higher rates of revenue growth.”

Spending in 2022 is expected to be in the range of $85 billion to $87 billion, with full-year spending next year estimated at $96 billion to $101 billion.