Use of the Facebook app itself had been leveling off gradually for years. And 2 billion daily log-ins is still an enormous, almost incomprehensible figure, greater than the population of any country.
The news that Facebook may have peaked in 2021 was only the most symbolic data point in a gloomy corporate earnings report that sent Meta’s stock into an epic, historic spiral — shearing $220 billion from its value and hinting that the company’s reign over online socializing might not last.
For investors, the more worrisome signs have to do with the company’s struggle to monetize Instagram’s short-form video product Reels, its answer to red-hot Chinese-owned rival TikTok; a privacy crackdown by Apple that has limited Facebook’s ability to target ads on iPhones; and mounting expenses in the company’s dramatic bid to build a virtual reality future that it calls “the metaverse.”
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