Decline in Meta’s active user growth due to internet shutdown in Iran
Meta, the owner of Instagram, WhatsApp, and Facebook, reported a decrease in its active user growth in its performance report for the first quarter of the current calendar year, citing the internet shutdown in Iran as one of the reasons.
Meta’s Wednesday night report on the decline in user growth and lower-than-expected capital expenditure led to a drop of over 8% in the company’s stock value.
In the first quarter report of the current year, Meta announced its daily active users to be 356 million, which is 4% higher than the same period last year but 5% less than the previous quarter, the last quarter of the previous calendar year. Stock market analysts had predicted that Meta’s active users in the first quarter of the current calendar year would reach 362 million.
Meta states that internet disruptions in Iran following the start of the war in the Middle East and also restricted access to WhatsApp in Russia have led to a reduction in its active user growth.
