After two years of unprecedented growth in social media and streaming, a post-pandemic reality is beginning to set in.

Why it matters: Huge revenue gains during COVID inspired media and tech titans to take big bets. As growth stalls, Wall Street wants them to pivot from promise to profit.

Driving the news: Meta CEO Mark Zuckerberg on Wednesday strayed from his typical earnings call remarks about innovation, telling investors that given current growth levels, “we are now planning to slow the pace of some of our investments.”

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