Social networking site Facebook is 18 years old and for the first time something like this has never happened before.
And that is the decrease in the number of daily users of this social network.
Yes, Facebook's parent company Meta Networks reports that in the October-December 2021 quarter, the number of daily Facebook users decreased compared to the July-September quarter, to less than 1.93 billion. Became one billion 92.
The company also said that the growth rate of revenue may slow down as a result of competition from rival companies such as TikTok and YouTube, while advertisers have also cut their spending.
For the first time in history, the company's quarterly report acknowledged a decline in the number of customers, resulting in a 20% drop in its share price.
With such a large company, 200 billion was wiped out from the company's market value.
The report indicates that during the last quarter of 2021, the Facebook app lost 1 million daily users in North America, the region from which the company earns the most revenue through advertising.
This trend in North America led to the first-ever decline in the number of people using Facebook on a global scale.
Explaining the details of the report, the company's founder Mark Zuckerberg acknowledged the growing competition from TikTok and said that our services are currently moving towards short videos like Rails, Rails is currently our fastest growing format.
He further added that at present there is no revenue from rails like stories or feeds.
Facebook's founder said that during the last quarter of 2021, the company's top priorities included attracting people between the ages of 18 and 29, and moved Facebook to a shorter video format for better competition than TikTok.
Although the number of customers decreased, the company earned 32.6 billion from the advertising business during the quarter.
