Facebook’s parent company Meta released its first quarter results on Wednesday, according to which the company’s number of users has increased but has seen a huge decline in revenue. It is being said that due to the increasing popularity of Chinese short video app Tiktok in China, Meta has suffered.
Commenting on the results, Meta CEO Mark Zuckerberg told analysts: “This is a period that calls for more bullish momentum and I expect that we will do better than ever before. Meta’s profit is 36 percent, or $6.7 billion (approx. 53,457 crore). Analyst Debra Aho Williamson said the year-on-year decline in quarterly revenue reflects how quickly Meta’s business has deteriorated. There is a recession in the world.
Meta may have suffered a loss in terms of earnings, but the number of its daily users has seen an increase of 197 crores, although the number of monthly users has seen a decrease from 20 to 23 lakhs. The company’s shares have fallen up to 3.5 per cent after the report came out. Let us tell you that Meta has faced constant scrutiny from lawmakers and regulators regarding policy and data leaks.
Facebook has been preparing to compete with Tiktok for a long time. Instagram reels have started in the competition of Tiktok, which has been successful. Now the company is planning to make the Facebook app look like Tiktok.
A new update is coming soon in the Facebook app, after which a new home tab will appear and photos, videos and status of friends will be shown in this home tab. In this same home tab, you will get updates of Liked and Followed pages. Suggestion posts will also appear in this tab and here you will also see posts related to Facebook browsing history.