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The technology giant, Facebook, has faced for the first time in 18 years a decline in active users.
Meta, Facebook’s parent company, said daily active users fell to 1.929 billion in the last quarter of 2021, compared to 1.930 billion in the previous quarter.
The company has warned of declining profits as it faces competition from rivals like TikTok and YouTube, as advertisers are also cutting costs.
Following the announcement, the value of Meta’s shares has fallen by 20 percent, a figure that translates to $ 200 billion in cash.
Shares have also fallen on other social media platforms, including Twitter, Snap and Pinterest.
Meta CEO Mark Zuckerberg has said the company’s growth has been hurt as audiences – mostly young people – have shifted to rivals.
Meta, which is the second largest advertising platform in the world, after Google, has said that it has also been damaged by privacy changes in the operating system of the company’s devices, Apple.
The changes have made it harder for companies to process and measure the effect of their Facebook and Instagram ads.
Zuckerberg has said he is confident that investments in virtual reality will pay off.
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