Facebook parent Meta Platforms Inc. beat estimates for quarterly revenue on Wednesday as its dominance of the online ad market helped it attract a steady stream of business from recession-wary companies looking to reach a wider audience.

Revenue in the third quarter fell for a second straight time to $27.71 billion from $29.01 billion.

Analysts on average expected revenue of $27.38 billion, according to Refinitiv data.

The company forecast fourth-quarter revenue between $30 billion and $32.50 billion, compared with estimates of $32.20 billion, according to Refinitiv data.

Net income fell to $4.40 billion, or $1.64 per share, from $9.19 billion, or $3.22 per share, a year earlier.