Meta's profit slips as Facebook loses users

As Facebook daily users dropped by nearly one million, parent firm Meta's value too has tumbled, with concerns on lower growth and ad revenue. — AFP

Facebook's parent firm Meta on Wednesday delivered a gloomy mix of a sharper-than-expected drop in profit, a decrease in users and threats to its ad business that plunged shares some 22% in after-hours trading.

Already jittery markets have punished pandemic-era darlings including Netflix for disappointing results, with Meta getting a taste of that after its US$10.3bil (RM43.06bil) quarterly profit and daily user-growth fell short of expectations.