For the first time ever, Facebook has lost daily users globally, reporting lower-than-expected ad growth, which plundered its stock by nearly 20 percent. The massive stock drop immediately wiped out nearly $200 billion in its market value.
The Meta-owned Facebook platform registered 1.929 billion daily users in the fourth quarter of 2021 – up from 1.93 billion in the previous quarter.
The company confirmed late Wednesday that this is the first gradual decline in its history.
Facebook’s monthly active users (MAUs) stood at 2.91 billion as of December 31, 2021, an increase of 4 percent year-on-year.
Meta still made about $40 billion in profit in 2021, mostly from advertising.
“We had a solid quarter as people turn to our products to stay connected and businesses continue to use our services,” said Mark Zuckerberg, Meta Founder and CEO.
“I am encouraged by the progress made over the past year in several important growth areas such as reel, commerce and virtual reality, and we will continue to invest in these and other key priorities in 2022 as we work towards building the metaverse. ” she added.
The company’s family of apps (FOA) includes Facebook, Instagram, Messenger, WhatsApp and other services.
The user growth slowdown came in the same period when the company, formerly known as Facebook, announced that it would be rebranded as a “Metaverse” company.
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