Facebook parent company Meta lost about 251 billion dollars (219 billion euros) in market capitalization on Thursday, the largest drop in dollar value in a single day for an American company. The Meta share fell 26 percent. That reports financial news agency Bloomberg.
Analysts say the huge drop, which evaporated about $29 billion (25 billion euros) from CEO Mark Zuckerberg’s assets, is the result of stiff competition and disappointing quarterly figures. Between the third and fourth quarters of 2021, Facebook lost active users for the first time ever and the number of daily active users decreased by one million.
Although Meta’s fourth quarter 2021 revenue grew 20 percent year-on-year, costs increased 38 percent. This resulted in a profit of 10.3 billion dollars, 8 percent lower than in 2020. The company also expects disappointing figures for the current quarter.
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