This saturation was bound to happen some day. Meta announced Wednesday that its daily users fell for the 1st time ever in a quarter, along with lower-than-expected ad growth. The news immediately sent its stock plunging by approximately 20%.
Despite Facebook’s rebranding to Meta, its stock dropped so much that it wiped out roughly $200 billion in market value. The massive drop is proof that the company’s core business of social media is suffering. Furthermore, user growth across Facebook, Instagram, & WhatsApp was essentially flat last quarter. The main Facebook app lost 1 million daily users in North America, where it makes the most money from advertising.
Facebook isn’t growing anymore – TechCrunch
The biggest social network in the world isn’t getting any bigger. Meta posted its fourth quarter earnings Wednesday, sharing financials that disappointed Wall Street enough to send its stock into a nose dive. Shares of the company, still trading under the ticker symbol FB for now, plunged 20 percent as the numbers hit.
Link: Facebook isn’t growing anymore
via techcrunch.com
