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Meta stocks plunged more than 25% on Thursday, wiping out more than $230 billion from its market cap.

The major factor behind this was the drop in daily active users to 1.929 billion in Q4, 2021 from 1.93 billion in Q3, 2021. This is the first-ever drop in the history of the company. The company is also facing tough competition from rival companies like TikTok. 

Meta's revenue at the end of the fourth quarter stood at $33.7 billion, beating analyst expectations of $33.4 billion. However, it earned $3.67 per share, falling short of the $3.84 per share projected by analysts.

Meta has also said that Apple’s iPhone privacy changes would impact its advertisement, which could decrease its sales by $10 billion in the future.
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