The number of users in Facebook’s Meta group grew faster again at the start of the year after stagnating at the end of 2021. In the first quarter of this year, 1.96 billion users accessed Facebook daily.
In the previous quarter, the daily number of users decreased by 1 million to 1.929 billion. Despite the slight drop, this was interpreted as an alarm signal. At the time, Meta recognized the growing competition from video app Tiktok as a major reason.
Things are not going as well for the meta as they used to be. Revenue grew 7 percent year-over-year in the first quarter to $27.9 billion. The group missed analyst expectations. The bottom line is that earnings fell by a good fifth to $7.465 billion, Meta announced Wednesday.
At least one of the group’s apps – including WhatsApp and Instagram – were used by 2.87 billion daily users. In the last three months it was 2.82 billion.
Meta stock is temporarily up more than 13 percent in after-hours trading. Meta forecast sales of between $28 billion and $30 billion for the current quarter. The group also announced that it will cut costs this year. So far, spending has been estimated at between $90 and $95 billion. Meta now expects a range between $87 billion and $92 billion.
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