The massive disruption of Facebook could cause a significant loss of revenue for the network giant. Fortune and Snopes estimated, hours after the blackout, that the world’s largest social network had already lost at least $ 60 million in revenue since its apps, including Instagram and WhatsApp, went offline around 5:30 p.m. Monday. .
With nearly six hours of blackout and the gradual return of Facebook services, the rating stood at $ 99.75 million.
Both outlets calculated Facebook’s lost revenue using figures provided by the company when it published its second-quarter results. During that three-month period, Facebook reported revenue of approximately $ 29 billion. This means that Facebook makes about $ 319.6 million per day, $ 13.3 million per hour, $ 220,000 per minute, and $ 3,700 per second. The media then used those numbers to calculate lost revenue based on the length of the outage.
These estimates highlight the financial impact of a massive disruption to Facebook’s advertising business. Six hours after the blackout, Facebook services were slowly coming back online, the social network said.
“To the great community of people and companies around the world who depend on us: we are sorry,” the company tweeted. “We have worked hard to restore access to our applications and services and we are pleased to report that they are back online now. Thank you for being patient with us.”
Losing revenue wasn’t the only financial problem Facebook faced on Monday. The company’s shares fell nearly 5% to $ 326.23 a share amid a sharp drop in social media shares. By comparison, Twitter and Snap shares lost more than 5%.
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The fall in Facebook shares weighed on CEO Mark Zuckerberg’s net worth, which fell to $ 121.6 billion. He is now behind Microsoft co-founder Bill Gates as the fifth-richest person in the world, according to Bloomberg.
CNET.com article adapted by CNETFrance