Facebook loses users for first time ever, market cap drops by $200 billion

Enlarge / A worker picks up trash in front of the new logo in front of Meta's headquarters on October 28, 2021, in Menlo Park, Calif. (credit: Justin Sullivan/Getty Images)

If last year was bad for Meta, this year might be worse.

The company's earnings call last night painted a dismal picture. Its flagship Facebook platform lost about a million daily active users last quarter, the first time that has happened. Instagram and WhatsApp may still be growing but not by much-last quarter, the company added just 10 million users across all its apps. Meta lost $10 billion on its Reality Labs division, which handles VR and AR, the stuff it has been betting its future on. And the company said that it expects Apple's App Tracking Transparency feature to slash the coming year's revenue by $10 billion, or about 10 percent.

The market did not react kindly to the news. Meta's stock has taken a massive hit and is currently trading down around 24 percent below yesterday's close, wiping around $200 billion off its market cap.

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