Facebook-owner Meta opens access to AI large language model

Facebook loses 1 million daily users as Meta’s profit take a dip


SAN FRANCISCO: Facebook’s parent company Meta tumbled about 22% in after-hours trading on Wednesday after posting a bearish mix that included a bigger-than-expected drop in profits, fewer users and threats to its advertising business.

A jittery market has punished pandemic-era darlings including Netflix for disappointing results, and Meta got a taste of it after its $10.3 billion quarterly profit and daily user growth fell short of expectations.

However, the iconic Facebook platform also reported that it lost around 1 million daily users globally during the final two quarters of 2021 — a small amount for an app with nearly 2 billion daily users , but could be a worrying sign of stagnation.

CFO Dave Weiner told analysts that subscriber growth was hit by “headwinds” including a disproportionate slowdown in Asia-Pacific during the pandemic and higher mobile data prices in India.

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