A widespread outage hit Meta’s platforms, including Facebook, Instagram, and Messenger, causing a significant financial setback for the tech giant. According to Dan Ives, managing director at Wedbush Securities, Mark Zuckerberg reportedly lost around $100 million in revenue during the outage. The company’s stock price also took a hit, initially falling by 1.5 percent and later dropping by 1.6 percent.
Meta, primarily reliant on ad revenue, faced earnings decline as users worldwide experienced difficulties accessing the platforms due to what Meta referred to as “technical issues.” While Meta is likely to keep the exact financial impact under wraps, Ives estimates the loss to be below $100 million, a seemingly negligible amount for a company valued at approximately $134 billion in 2023.
The outage, shrouded in mystery with Meta citing technical issues, affected internal systems as well, according to a source within Facebook. Users reported being unexpectedly logged out, unable to log back in, and encountering errors on Instagram’s News Feed. Although the issues were resolved by noon ET, the incident has sparked curiosity about the true cost to the social media giant.
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