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Meta, the parent company of Facebook and Instagram, has faced the worst and biggest financial disaster in history.
This has happened due to the decrease in advertising sales in the last few months, said the spokesperson of the company.
Meta’s total assets fell 1 percent to $28 billion in the past three months.
Experts are claiming that this has happened due to the increase in the number of users of Facebook as well as other like-minded platforms including TikTok.
Recently, a report published by the British media BBC showed that Facebook has a total of 20 percent of the world’s advertising market.
- Although the company has maintained this position for a long time, after the pandemic, e-commerce companies have reduced advertising through social media.
- Moreover, the Ukraine war has had a negative impact on the online advertising market.
- Mark Zuckerberg, head of the company’s meta, said that next year, the company will be more conscious in terms of recruitment.
- Instead of adding more new people to the company, it will invest in new sectors.
- In particular, virtual reality platforms or the much-discussed Metaverse project will increase investment.
- Angelo Gino, the firm’s senior equity analyst, said Meta is fighting to retain its users.
At the same time trying to increase the number of users in various ways
He also said that Meta has now become a ‘no growth’ company.
However, at the beginning of this year, the company said for the first time that their regular customers are decreasing.
Which is like a fold on the forehead.
On the other hand, another subsidiary of Meta, WhatsApp is also being changed.
Moreover, the developers of Mater are trying to change the news feed of Facebook to make it like TikTok.
As of last June, an average of 1.97 billion people logged on to Facebook every day.
However, this number is slightly higher than the Facebook app. An average of 2.88 billion people log in every day.
Still, the company lost $6.7 billion in sales by midyear. On this, Mark Zuckerberg said, Meta is really going through a challenge.
But we are quickly finding areas of improvement. Moving towards new investments.