Facebook Loses Users as Meta Shares Drop by 20%

• Meta’s shares plummeted by more than 20% on Wednesday as the social media company failed to meet up with forecast

• Facebook’s daily users globally dropped from 1.93 billion in the previous quarter to 1.92 billion

• The company has blamed the drop of Apple’s recent privacy changes and increased competition among growing platforms like TikTok

Social media giant Facebook has recorded a dip in its daily active users for the first time since its inception 18 years ago.

The parent company Meta states that daily active users fell from 1.93 billion in the third quarter of 2021 to 1.929 billion in the three months that led to December 2021.

The firm also complained about slowing revenue due to recent privacy changes from tech giant Apple and growing competition from rivals like YouTube and TikTok.

Following the announcement, the company’s shares plummeted by more than 20% after New York’s trading hours.

The slide in the value of the company’s shares wiped a whopping $200 billion of its market value.

Shares of other prominent social media platforms like Twitter, Snapchat, and Pinterest also fell sharply in extended trading.

Meta complained that Apple’s recent privacy changes had made it difficult for brands to target and measure their advertising on Facebook and Instagram.

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Despite this, Meta’s total revenue, which mostly came from advertising sales, rose to $33.67 billion, surpassing market predictions that were previously made.

The company also predicts a revenue of between $27 billion and $29 billion for the next quarter.

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