Shares of the giant Meta had a sharp fall on Wednesday, reducing the company's market capitalization by $ 230 billion. Social media sector giant Meta gave this information on Wednesday. Recently, telecom companies Bharti Airtel, Vi and Reliance Jio had increased their mobile service rates by 18-25 percent in the December quarter. The company says that this has reduced Meta's profits by up to 8 percent. Shares of Facebook's parent company Meta fell significantly on Wednesday. There was a decline of about 22 percent in this.
Meta profit reduced
Meta's profit declined eight percent to $10.28 billion in the December 2021 quarter, from $11.21 billion in the same period a year ago. Dave Weiner, Meta's chief financial officer, said that the growth in Facebook's user base has been influenced by a number of factors. This has been affected due to the increase in the price of data packages in India.
Warren Buffett already announced this?
Berkshire Hathaway CEO Warren Buffett said during Berkshire's annual meeting last year, "We've always known it's the business of dreams, which takes very little capital and delivers great growth." Apple, Google and Microsoft and Facebook are great examples.
Warren Buffett praised Meta, the owner of WhatsApp and Instagram, during a CNBC interview in 2012. However, he noted that exceptional companies are the hardest to value and that he was very unsure about how Meta would perform in the years to come.
How many users of facebook
There are currently around 350 million Facebook users in India. By the year 2028, it is believed that this figure will cross 78-79 crores. If you look at the statistics of the whole world, there are 2.85 billion monthly active monthly users.
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