mylesillidge
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TikTok is eating Facebook's lunch
Facebook's user growth faltered in the latest quarter, the first stagnation in the social network's history, stoking concern that Meta Platforms Inc.'s flagship product and core advertising moneymaker has plateaued after years of consistent gains.
The company also gave a disappointing sales forecast for the current period, and Chief Executive Officer Mark Zuckerberg acknowledged that Meta is facing serious competition for user time and attention, particularly from viral video-sharing app TikTok.
Facebook's user growth faltered in the latest quarter, the first stagnation in the social network's history, stoking concern that Meta Platforms Inc.'s flagship product and core advertising moneymaker has plateaued after years of consistent gains.
The company also gave a disappointing sales forecast for the current period, and Chief Executive Officer Mark Zuckerberg acknowledged that Meta is facing serious competition for user time and attention, particularly from viral video-sharing app TikTok.