Considering Meta's business is advertising.
The fact advertising revenue is flat in the Americas & Asia is a strong signal companies are not cutting advertising. Ergo, no massive collapse in consumer confidence is predicted.
It's just Europe that looks dire.
Or at least that's what Meta wants you to think.
It's in the first bullet point on page 2:
Revenue was $27.71 billion, a decrease of 4% year-over-year, and an increase of 2% year-over-year on a constant currency basis. Had foreign exchange rates remained constant with the third quarter of 2021, revenue would have been $1.79 billion higher.
EDIT: who thinks there would still be explanatory wording added here if forex rates had moved the other way and revenues had gone up ... ?
Certainly was the case for me. I certainly overpaid for a lot of things recently. But we had our big festival here this week and now I'm tapped out. Next year will be a year of sobriety - at least for me.