Meta reports third-quarter earnings on Wednesday after the bell.
Add it up, and Meta is expected to post its second straight quarter of declining sales.
Meta is trying to make Reels more attractive to advertisers and has announced new ad formats intended to give businesses enhanced options for promoting their products through short videos.
Most concerning are the user figures in the U.S. and Canada, its biggest region for revenue.
In the second quarter of 2022, Meta counted 197 million daily active users in those two North American countries, down from 198 million in the same quarter in 2020.