Wakeup call: Nasdaq faceplants

Facebook is losing users, sending parent company Meta's shares plummeting 25% overnight. (Image: Getty)

Fri, 04 Feb 2022

Faceplanting - Facebook, now trading as Meta, saw its shares plunge 25% after it reported its first ever decline in active users to 2.9 billion and CEO Mark Zuckerberg warned the social media platform was losing younger users and engagement to services such as TikTok. He has pledged to retool Facebook to make young adults its “North Star.” Facebook’s guidance for first quarter revenue growth in single digits to around US$28b (NZ$42b) was below market expectations of US$30.3b. Shares in other social media firms such as Snap and...

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