Technology Desk: Facebook, the largest online social networking platform, has begun to turn around; Since the beginning of 2022, the trend of user decline has stopped, on the contrary, the number of active users has increased.
Meta, the parent company of Facebook, said on Wednesday that the number of daily active users had increased to 196 crores in the first three months of this year.
Meter chief Mark Zuckerberg, however, said his company’s revenue growth was the slowest in a decade.
In the last three months of last year, the social networking platform announced a reduction in the number of daily users for the first time in its history. As a result, the value of the company decreased by 200 million in one push in the capital market.
Facebook’s share price has halved since the release of its financial report for the last quarter of 2021 in February. However, after the release of the report for the first quarter of this year on Wednesday, the share price has jumped by 19 percent, according to the BBC.
“More people are using our services now than ever before, and I’m proud of the way our products serve people around the world,” Zuckerberg said.
However, the revenue of Metar, the owner of Facebook, WhatsApp, and Instagram, has increased by only 7 percent in the first three months of this year as compared to the same period last year. At the same time last year, the revenue was two thousand, 790 million dollars. This is the lowest growth rate for Facebook since its launch in 2004.
Analysts say that due to rising business costs and financial uncertainty, businesses are cutting back on advertising, and the war in Ukraine is playing a major role.
Google and Facebook have been the main platforms for online advertising for so long, but now new platforms like TickTock and Amazon have become big competitors in the market.
Earlier this week, Google’s owner Alphabet reported that its advertising revenue rose 22 percent in the first quarter, lower than analysts had expected.
Meter chief Mark Zuckerberg says they are investing in their “reel” video to compete with TickTock and hope to gain more control over the advertising market.
However, changes in the privacy policy of technology company Apple’s operating system have also hurt the metering business, which operates the world’s second-largest digital advertising platform. Google is at the top of this business.
According to Meter, the company’s earnings in the coming months could be between 2,800 and 3,000 dollars lower than analysts had expected.
Overall, Meter’s profit in the first quarter of this year was ৬ 748 million. This figure is higher than analysts’ expectations but lower than year-on-year growth.
