As 2022 began, Facebook stopped losing users, despite its owner reporting its worst revenue growth in a decade. According to parent company Meta, the number of daily active Facebook users increased to 1.96 billion in the first three months of the year.
This was a significant improvement from previous year, when the social network recorded a drop in users for the first time. The decline reduced the firm’s market worth by billions of dollars.
Since officials announced the decline in February, the company’s stock price has virtually half. However, after-hours trading on Wednesday saw a 19% increase in shares.
“Today, more people utilise our services than ever before, and I’m happy of how our products serve people all across the globe,” remarked Mark Zuckerberg, the CEO of Meta and the founder of Facebook in 2004.
Despite this, Meta, which owns Instagram and WhatsApp, posted its worst revenue increase in at least a decade. Revenues in the first three months of this year were just 7% higher than in the same period last year, totaling $27.9 billion.
Businesses are cutting down on advertising, according to analysts, as they deal with mounting expenses and economic uncertainty, owing in part to the conflict in Ukraine.
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