The largest social network in the world is not getting any bigger.
Meta posted it Fourth Quarter Results Financial data was shared on Wednesday that disappointed Wall Street enough to send its shares plummeting. Shares of the company, which will trade under the ticker symbol FB for now, plunged 20% when the numbers came in.
While Meta’s last quarter saw some expected trends play out, including Apple’s iOS privacy changes dampening its advertising businessalso brought to light the novel fact that Meta’s core app, Facebook, is no longer attracting new users.
Facebook’s monthly active users (MAUs) remained flat at 2.9 billion from the third quarter of 2021 to the fourth. Worse, daily active users (DAUs) fell from 1.93 billion to 1.929 billion over the same period — a first for Facebook, which is known for its approach to growth at all costs.
Some of this is intuitive. Facebook is a mature product (to say the least) and there are only enough people left in markets around the world for the company to sign up. And the company is putting more emphasis than ever on its “family” of apps, including WhatsApp and Instagram, fresher products that likely have a long way to go to reach that kind of saturation.
The slowdown in user growth came in the same quarter that the company formerly known as Facebook announced it would rebrand itself as a “Metaverse” company, complete with plans to direct its resources to building immersive virtual experiences.
The good news for Meta is that it still has the largest social graph in the world. The bad news? Even if a user slowdown was expected, this is just another thing that makes Facebook – and consequently Facebook’s “Family of Apps,” as Meta calls it – look more like a relic from the past than a bright vision of the future.
Facebook isn’t growing anymore – TechCrunch Source link Facebook isn’t growing anymore – TechCrunch