Facebook-parent Meta reported on Wednesday its first quarterly revenue drop and a plunging profit as the social media powerhouse battles a turbulent economy and the rising phenomenon of TikTok.

Meta had long delivered seemingly endless upward growth but after this income miss – and reporting earlier this year its first decline in global daily users – the company sounded a more modest tone.

"This is a period that demands more intensity, and I expect us to get more done with fewer resources," CEO Mark Zuckerberg told analysts after the firm reported a 36 percent drop in profit to US$6.7 billion.

Meta also said that revenue in the recently ended quarter ebbed a percent to US$28.8 billion, its first such slip since the firm, then known simply as Facebook, went public in 2012.

"The year-over-year drop in quarterly revenue signifies just how quickly Meta's business has deteriorated," said analyst Debra Aho Williamson.

"The good news, if we can call it that, is that its competitors in digital advertising are also experiencing a slowdown."

Meta however reported an increase in daily Facebook users to 1.97 billion, defying analysts' predictions of a drop, but noted monthly users fell about two million to 2.93 billion.

Its shares were down around 3.5 percent in after-hours trading, continuing a decline in the firm's stock since February that has erased about half of its value.

Meta has also faced steady scrutiny from lawmakers and regulators over not only its massive strength in the social media market, but also its impact on the health of its users.

The results came just hours after US regulators announced they would try to block Meta's acquisition of virtual reality fitness app maker Within, a potential blow to the tech giant's metaverse ambitions. (AFP)