Technology
Facebook loses users for the first time ever
Facebook lost about half a million users in the last three months of 2021
San Francisco: Meta-owned Facebook, has experienced its first quarterly decline of daily users in 18 years, report on Wednesday revealed.
For the first time ever, the platforms’ growth is stagnating around the world after its parent company parent Meta’s stock suffered its biggest single-day loss yet—as the company refocuses on the ‘metaverse’, shaving $220 billion off its market value.
As per details, Facebook lost about half a million users in the last three months of 2021, to 1.93 billion logging in each day.
Reports quoting sources said that the loss was greatest in Africa, Latin America and India, suggesting that the company’s product is saturated globally.
By Thursday afternoon, Meta’s stock price had plummeted more than 26 %.
But even that figure is a tiny fraction of Facebook’s total revenue — $33.67 billion last quarter — primarily derived from targeted advertising on its main social network.
Sources said that the company might change its stock ticker symbol to META from FB.
Facebook rebranded as Meta in October, saying at the time that it wanted to reflect its focus on the metaverse (Network of 3D virtual worlds).
In its first financial report since the rebrand, Meta also revealed that its advertising growth was lower than expected.
Yesterday, an Australian billionaire Andrew Forrest has launched a criminal case against Facebook—alleging the company failed to prevent scam ads that used his image.
According to details, Andrew Forrest argues that Facebook breached Australian anti-money laundering laws over the spread of cryptocurrency cons.
However, it was the first time Facebook was facing a criminal case globally.