Facebook: Endless crises finally hit the bottom line

Has Mark Zuckerberg finally found his limits?

Mark Zuckerberg.
(Image credit: Drew Angerer/Getty Images)

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Confirming suspicions that it has been quietly "losing out against rivals in the war for attention," Meta last week reported its first-ever drop in users and a major decline in profits, said Hannah Murphy in the Financial Times. Meta, Facebook's parent company, admitted to a perfect storm of business crises, and "Wall Street reacted in horror"; a sell-off in Meta stock took its market value down by $232 billion in a single day — the biggest one-day decline ever for a single company. Meta chief executive Mark Zuckerberg blamed rival TikTok. But TikTok alone does not come near to explaining the depth of Meta's troubles. "This was one of the most shocking earnings of my 27-year career," said Rich Greenfield, a media and tech analyst.

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