Meta’s Facebook daily active users have dropped for the first time in 18-year history.
Meta Platforms announced that daily active users decreased to 1.929 billion in the three months ending in December compared to 1.930 billion the previous quarter, reported the BBC.
The social media giant also warned of slowing revenue growth because of competition from TikTok and Youtube, as advertisers cut spending.
Meta’s shares dropped significantly in the past week.
Meta blamed privacy changes by Apple, making advertising tracking more difficult. According to the report, the company’s chief financial officer, Dave Wehner, said it could have an impact “in the order of $10 billion,” according to the report.
Chief executive Mark Zuckerberg said, “The thing that is somewhat unique here is that TikTok is so big a competitor already and also continues to grow at quite a fast rate.”
Ariel Ben Solomon is the Growth and Strategy manager at Ecomhunt. He is the host of the Ecomhunt Podcast. Can be followed on Twitter at @ArielBenSolomon