Facebook Stock Crashes Following Dramatic Shrink In User Base

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Facebook Stock Crashes Following Dramatic Shrink In User Base

Mark Zuckerberg's Meta, the company formerly known as Facebook, saw a steep dive in its shares on Wednesday following the reveal of a profit decline and a shrink in its userbase. According to Bloomberg, this led to a sell-off, resulting in $195 billion stock plunge.


If it continues, the 22% dip could lead to the biggest collapse of a US company's value in stock market history.


Reports say that the company faces several problems that have culminated in a dramatic decline in profits. One big problem is that Facebook has failed to grow its daily and monthly active user bases in light of competition from TikTok and other startups. In addition, Facebook's advertising growth has declined due to changes from Apple's iOS that make targeted advertising more challenging.


Furthermore, the project of creating a metaverse seems to be failing since, Meta's AR and VR unit Reality Labs reported and loss of more than $10 billion in the first financial report. These numbers make the project appear less viable than ever.


Tom Johnson, global chief digital officer at media agency Mindshare Worldwide, told CNN:


"Investors will look at these numbers closely as a first indicator of how far off the Metaverse is from being a profitable reality."


[Based on reporting by: Futurism]


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Thinking Humanity: Facebook Stock Crashes Following Dramatic Shrink In User Base
Facebook Stock Crashes Following Dramatic Shrink In User Base
Mark Zuckerberg's Meta, the company formerly known as Facebook, saw a steep dive in their shares on Wednesday following the reveal of a profit decline
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