Hyderabad : Facebook’s parent firm Meta on Thursday plunged over $200 billion in stock value – comparable to the size of New Zealand’s economy – after results that raised doubts about the troubled social media giant’s future.
For the first time ever, Facebook has lost daily users globally, reporting lower-than-expected ad growth that sent its stock plunging nearly 20 per cent. The massive stock drop instantly wiped out roughly $200 billion in its market value.
The Meta-owned Facebook platform registered 1.929 billion daily users in the fourth quarter of 2021 — from 1.93 billion in the previous quarter.
Facebook growth that had been on a seemingly perpetual upward trend slipped at the end of last year, with the number of people using the social network daily declining. Meta executives warned of increased competition, particularly from video star TikTok as well as messaging services such as Telegram and Slack
