Mark Zuckerberg’s newly rebranded social media platform Meta, previously known as Facebook, reported the first-ever drop in the number of daily users, triggering a dramatic share price slump of over 22% on February 2.
Recently, Meta released its financial results for the fourth quarter of last year, which fell short of expectations, which is attributed to the new regulations set by the US technology company Apple and to the popularity of the social media platform TikTok.
The US-based company’s net profit dropped by 8% to $10.3 billion in Q4, with earnings per share set at $3.67, a decrease compared to the expectations of $3.84 per share.
Meta’s earnings rose by 20% to $33.67 billion, while it was estimated at $33.43 billion.
Facebook reached 1.9 billion users in the fourth quarter in 2021 and is expected to earn between $27 and $29 billion in revenues for the first quarter of this year, which is less than the $30 billion that analysts had predicted.
Late October 2021, Facebook changed its brand corporate name to Meta, rendering the Facebook social network service a subsidy of the company, alongside WhatsApp and Instagram.
add your comment
Terms of publication : Not to offend the writer, people, sacred things, or attack religions or the divine self, and refrain from racist incitement and insults.