Face the books - Facebook lost daily users for the first time ever last quarter

[Lightwreather]

Summary

 Since its inception, Facebook’s user growth has essentially been up and to the right. But on Wednesday, it reported its first-ever quarterly decline of daily users globally, along with lower-than-expected ad growth that sent its stock plunging roughly 20 percent.

 

Quotes

Quote

The massive stock drop, which instantly wiped out roughly $200 billion in market value, shows that Facebook’s corporate rebrand to Meta isn’t enough to distract investors from the problems in its core business of social media. Not only was user growth across Facebook, Instagram, and WhatsApp essentially flat last quarter, but the main Facebook app lost 1 million daily users in North America, where it makes the most money through advertising. That drop led to an overall decrease in daily users of Facebook globally, which a company spokesperson confirmed is the first sequential decline in the company’s history.

Meta is still wildly profitable: it made nearly $40 billion in profit last year alone, mostly from advertising. But it’s also losing billions on Reality Labs, the division responsible for the Quest VR headset, VR software, forthcoming AR glasses, and other metaverse-related initiatives. That division lost $10.2 billion last year and reported revenue of $2.3 billion — a stat that includes sales of the Quest and its cut of VR app purchases. Meta still hasn’t disclosed the number of sales for Quest, though third-party estimates peg the number somewhere around 10 million units. On an earnings call with investors Wednesday, Zuckerberg said Meta’s next VR headset will be released later this year and be at the “high end of the price spectrum.”

 

My thoughts

Well, this is great news (depending on how you view it ofc, I'd like to here what you say if you disagree), Facebook has had its first sequential decline in the number of users. Reasons include, I don't know, facebook losing its relevance to younger generations and people generally becoming aware of its rather not great user data policies. Well, the fewer people under Meta's hold the better, and apparently they're sinking more money into the Metaverse. That said, this isn't going to kill them in any way yet, only about a million people out of 1.9 billion has left and they've still made about 40 billion in profits. Here's to Meta's downfall.

 

Sources

TheVerge

[That Franc]

Good.

[Ydfhlx]

Another reason for the stock going so down was general decline in advertising budgets due to economy decline, according to my local newspaper.

[CephDigital]

And lets hope it keeps going down.

[Spindel]

16 hours ago, Ydfhlx said:

Another reason for the stock going so down was general decline in advertising budgets due to economy decline, according to my local newspaper.

According to Business Insider Facebook blames Apple. 
 

[dizmo]

[Sarra]

I'll totally get into Facebook right before it totally dies, when there's only like 12 people still using it. Or 11 bots and someone looking at ancient cat pictures, or something.

[Elijah Kamski]

I didn't like FB, but now I hate it after they are pushing the whole Metaverse thing.

I know it'll be restrictive to it's users unlike VRC which lets you actually have fun.

So here's to the Meta downfall.

Going Meta sucks anyways, not following the Meta is where it's at!

[IPD]

Jesus, it's been over a decade since I deleted my FB account?  Where did that time go?  Oh yeah, I was enjoying:

 

-not being manipulated by controlled "newsfeeds"

-not having privacy settings changed more than the government in a 3rd world junta

-not having to constantly remind myself to watch my P's and Q's about posting in the heat of a personal argument

-not having to avoid logging in when inebriated

-not having to fear job applications and finding out that I'm cancelled because of something I did when I was in proverbial diapers

-Not having egomaniacs control what I can or can't say

-Not having egomaniacs control what meme's I am allowed to view/enjoy

 

FB cannot die off fast enough.  Zuckerberg profiting from the concept is not much different than cashing in on NFT lunacy; it's a travesty.