by 17% year over year for the second straight quarter, Q4 2025. Spend growth accelerated from 9% in Q4 to 13% in Q1, as CPM rebounded from a 7% decline in Q4 to a 3% decline in Q1. Newer ad formats continue time, particularly in the case of Reels on both Facebook by 4% in Ql, a slight uptick from the 3% growth observed in Q4. Impression growth was less than half that of Q4, falling from 19% down to 8%. At the same time, CPM growth went from a 13% in Q1. Growth in Reels impressions has stalled on year over year in the first quarter, the first time that pricing has gone down since way back in Q3 2023. Impressions soared 31%, driving investment in Instagram ads up 28% year over year, the strongest the last year, driving down pricing growth.