Facebook Records Increase in Daily Users
Updated · Apr 28, 2022
Meta’s stock surged in extended trading on Wednesday following the report.
Facebook posted user figures that were higher than expected as the platform recovers from a slump in daily active users. The parent company Meta reported its first-quarter results on Wednesday.
The number of daily users on the social networking site rose from 1.93 billion to 1.96 billion in the first quarter that ended in March. It represents a bump of roughly 30 million users from the last quarter of 2021.
Facebook’s new DAU figure is higher than a Wall Street projection of 1.95 billion. However, the reported monthly active users fell just short of estimates.
Meta shares rose by 15% in extended trading on Wednesday.
In terms of revenue, it earned $27.9 billion, lower than the $28.2 billion that analysts projected.
The 2021 Q4 report, released in February, had a devastating effect on the Big Tech company. It was the first time that Facebook lost active daily users since it launched in 2004. Investors reacted badly as Meta’s share price fell by 22% in extended trading on the first day alone. Since then, the social media giant has lost close to $400 billion of its market value, nearly half.
“The questions we face are not going to be resolved overnight, but we’ve faced a number of these challenges before, so I’m confident that we can navigate this period while continuing to invest in our future,” he said.
Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.
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