Meta shares lost more than a fifth of its value as the company struggles to retain users, indicating the beginning of the end of an era where a handful of Silicon Valley CEOs controlled the flow of information across online platforms. Registering the first sequential loss of customers in the company’s 18-year history, Meta Platforms, earlier known as Facebook, dropped to 1.929 billion daily users from 1.93 billion in the previous quarter. User growth across Whatsapp and Instagram was also lackluster, resulting in the share price dropping 20 percent, nearly $200 billion, which is more than the combined market value of other big tech platforms like Twitter, Pinterest, and Snapchat. Revenue for the first quarter is expected to be around $27-$29 billion, according to the earnings report published Wednesday, while analysts expected the number to cross $30.15 billion. Although this is a 3-11 percent year-on-year growth, the company expects “growth …
Facebook Loses Nearly $200 Billion, First Drop in Users in Company History
February 3, 2022
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