This file photo taken on Oct 28, 2021, shows a person using Facebook on a smartphone in front of a computer screen showing the META logo. (AFP)
Facebook’s user growth faltered in the latest quarter, the first stagnation in the social network’s history, part of dire earnings that caused Meta Platforms Inc’s stock to collapse 20% in pre-market trading on Thursday, wiping about $200 billion from its market value.
The company also gave a disappointing sales forecast for the current period, and Chief Executive Officer Mark Zuckerberg, who saw his personal wealth potentially plummet about $24 billion, acknowledged that Meta is facing serious competition for user time and attention, particularly from viral video-sharing app TikTok.
The dour outlook and stalled user momentum is a dramatic turnaround for a…
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