Meta: blames Indian telecom companies for losses in India
Facebook has suffered the most significant loss in its 18-year history. Meta stock dropped more than 26% to $237.76 in a single day (about Rs 17,800). The company’s market capitalization has dropped by more than $230 billion (roughly Rs 17,18,300 crore), the largest single-day drop in any company’s capitalization. Meta CEO Mark Zuckerberg’s fortune has been reduced by $ 31 billion as a result of the company’s loss. The number of daily active users of the company has dropped dramatically for the first time in 18 years.
Meta holds Indian telecom companies responsible for the country’s losses.
Meta claims that rising data prices in India are to blame for the company’s declining user base. At the end of December 2021, Airtel, Vi, and Jio increased the prices of their pre-paid plans by up to 25%.
Let us tell you that the company’s profit decreased by 8% in the December 2021 quarter, or about $ 10.28 billion, or about Rs 76,800 crore. Meta made a profit of $ 11.21 billion, or about Rs 83,800 crore, in the same quarter a year ago.
Last quarter, the company expected 1.95 billion daily active users, but that number has now stalled at 1.93 billion. A quarter ago, the figure was 1.930 billion. Meta did $ 33.67 billion in business, or about Rs 2,52,051 crore, according to its projections. Meta reported a net profit of $ 10.3 billion, or about 77,106 crore, in the fourth quarter, down 8% from the previous year.