The social network added more users than projected, potentially staving off concerns that it’s losing momentum as a new generation flocks to sites like TikTok.
Facebook’s social network added more users than projected in the first quarter, potentially staving off concerns that the company is losing momentum as a new generation flocks to younger sites like TikTok.
Those concerns appear to have been put to rest -- at least for now -- given Facebook added 31 million new daily active users in the recent quarter. Still, many of Meta’s challenges remain. Chief Executive Officer Mark Zuckerberg has acknowledged that video-sharing app TikTok, owned by China’s ByteDance, is providing serious competition for young users’ attention.have hindered Meta’s ability to serve users targeted ads.
“This outlook reflects a continuation of the trends impacting revenue growth in the first quarter, including softness in the back half of the first quarter that coincided with the war in Ukraine,” the company said in the statement.Net income in the first quarter was $US7.47 billion, or $US2.72 a share. Analysts had estimated earnings of $US2.56 per share.
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