According to BuzzFeed, there's a decline in the amount of time individuals are spending on Facebook.

• During BuzzFeed's earnings call on Tuesday, it was indicated that a trend in tech is emerging, with consumers shifting away from Meta's Facebook.
• Felicia DellaFortuna, BuzzFeed CFO, stated that at present in the quarter, audiences are spending less time on Facebook.
• The slight decline in Facebook's daily active users to 1.93 billion in the past quarter, which is the first time the company has experienced a quarterly decline, could indicate that the platform has reached its global saturation and the potential for adding more users has plateaued.

The earnings call on Tuesday morning indicated a recurring trend in tech: people are shifting away from Facebook.

Felicia DellaFortuna, BuzzFeed CFO, stated that at present in the quarter, audiences are spending less time on Facebook.

The slight decline in Facebook's daily active users to 1.93 billion in the past quarter, which is the first time the company has experienced a quarterly decline, could indicate that the platform has reached its global saturation and the potential for adding more users has plateaued.

In an effort to remain competitive with its own Instagram and the rapidly growing TikTok, Meta's core Facebook app has introduced its own short-form video feature called Reels.

Mark Zuckerberg, Meta's chief, stated on the company's call with investors last month that people have numerous options for how they spend their time, and apps like TikTok are rapidly expanding. As a result, the emphasis on Reels is crucial for the company's long-term success.

Zuckerberg stated that due to competition, the shift to short-form video, and our emphasis on catering to young adults rather than maximizing overall engagement, we will likely experience pressure on impression growth in the near future.

DellaFortuna, the head of commerce at BuzzFeed, stated that the majority of the platform's audience traffic to its shopping content originated from Facebook. However, the decline in user engagement on the app has disproportionately affected the company's commerce revenues. DellaFortuna anticipates that this trend will continue in the first quarter.

DellaFortuna stated that we are utilizing our cross-platform distribution network to expand our commerce business to the rapidly expanding platforms, thereby decreasing our reliance on any single platform in the upcoming years.

The digital media company reported a net income of $26 million on revenue of $398 million, representing a 24% increase from the previous year. The company also announced plans to boost profitability by cutting costs, including layoffs. Shares rose about 2% in early trading.

Felicia DellaFortuna, Buzzfeed's CFO, made remarks about Facebook.