Facebook has experienced its first quarterly decline of daily users in 18 years.
The company revealed in its latest financial results that it lost one million daily users, dropping to 1.929 billion in the three months leading to December, from 1.93 billion at the end of its previous quarter.
Facebook rebranded as Meta in October to be seen as more than “just a social media company”, instead focusing on the “Metaverse”, a virtual online world where companies and users can connect and interact.
In its first financial report since the rebrand, Meta also revealed its advertising growth was lower than expected.
Stock plummeted by about 20% as a result, removing around $175 billion of the company’s value if the drop holds when trading resumes.
Meta said earlier this week that there’s now more brands, such as TikTok, competing for users’ attention despite popular apps like Messenger, Instagram, and WhatsApp all falling under the Meta umbrella.
The company also owns Oculus, but announced the name would also be retired as a result of the Meta rebrand.
Oculus, a pioneer of virtual reality gaming and technology, will have its products changed to the “Meta Quest” instead of the “Oculus Quest”, and so on.
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