Facebook’s fourth-quarter earnings report shared this week revealed a drop in its daily active users, a first in its history.
Meta did not immediately respond to a request for comment but confirmed the noted first to The Verge.
CEO Mark Zuckerberg warned of slowing revenue growth due in part to increased competition from TikTok and other rival platforms vying for people’s attention. The newly renamed Meta has invested heavily in its futuristic "metaverse" project, but for now, relies on advertising revenue for nearly all its income.
Meanwhile, Sheryl Sandberg, Meta’s chief operating officer, said that global supply chain issues, labor shortages and earlier-than-usual holiday spending by advertisers have put pressure on the company’s advertising sales.
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