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We’ve lowered our Meta ad revenue forecast by about $16 billion for this year, from $129.16 billion to $112.68 billion. Through 2024, its ad business will bring in billions of dollars less each year than we previously expected.

Beyond the chart: Meta laid off more than 11,000 employees on Wednesday, in the face of its eroding dominance in social media, struggles with Apple’s privacy changes, and other challenges.

This forecast update is part of a broader downgrade for the US social ad market. We now expect 3.6% growth in 2022, down from our previous forecast of 18.2%, and 8.8% growth next year, down from 17.0%.

More like this:

• Report: The Future of Meta
• Article: TikTok restructures its US operation to weather the advertising storm
• Article: Marketing budgets will increase next year, prioritizing social media and martech