Facebook's user growth has generally gone up and to the right since its beginning. However, on Wednesday, it disclosed its first-ever quarterly fall in worldwide daily users, as well as lower-than-expected ad growth, sending its shares down around 20%.
The enormous stock collapse, which wiped off about $200 billion in market value in an instant, demonstrates that Facebook's corporate rebranding to Meta isn't enough to divert investors' attention away from the company's main social network operation.
Not only was user growth on Facebook, Instagram, and WhatsApp practically flat in the third quarter, but the main Facebook app lost 1 million daily users in North America, where it earns the most money from advertising.
This resulted in a global dip in Facebook daily users, which a company spokeswoman acknowledged as the first consecutive decline in the business's history.
The dip in daily users to 1.929 billion from 1.93 billion in the previous quarter is largely due to Facebook's decreasing relevance among young people.
People have been angry with Facebook for its weak privacy, high censorship, and technically it limits people from speaking up.
Although the overall Meta brand is doing well, Facebook has suffered a backlash.