Zuckerberg: Users spending 50 million fewer hours a day on Facebook

Eileen GuzmanFeb 01, 2018

Its total user growth was up 14 percent over the same period a year ago, to 2.13 billion users, about what was expected.

"I think that the reduction of 50 million hours per day is spooking investors".

For CEO and co-founder Mark Zuckerberg, that's a necessary drop for his company's future success. In 2016, ad revenue for the newspaper industry, was about $18 billion, a decrease of 10 percent compared to the previous year, according to the center's annual report about the state of the news media. Facebook's stock was down almost 5 percent in after-hours trading. "People who know what's happening around them are more likely to get involved and help make a difference", Zuckerberg wrote.

On the conference call, Zuckerberg described 2017 as a "hard year" for the company. He added that, in 2018, the focus won't just be to ensure Facebook is fun to use, but also "good for people's well-being and for society".

Some have also urged the company to withdraw an app aimed at young children. One group says no.

Facebook has even admitted that social media can be bad for users if they're merely just consuming information rather than interacting with their friends and family members online. The site traffic isn't everything when it comes to financials.

We identify local publishers as those whose links are clicked on by readers in a tight geographic area.

Despite the hit, the firm's quarterly profits increased 20% year-on-year to almost $4.3bn.

With Zuckerberg at the helm, Facebook is pushing itself to become a place where people enjoy themselves and genuinely want to keep coming back.

Zuckerberg said that people spent "roughly 50 million hours" per day less on Facebook last quarter.

He wasn't kidding. Those changes that got underway last quarter are already hitting engagement numbers, reducing time spent on Facebook by 5%, as the giant social network shows people fewer viral videos. "And if we do the right thing, I believe that will be good for our community and our business over the long term too".

Money isn't an issue for the company.

The tech firm grew its revenue by 47 percent to $13 billion in the fourth quarter, above the $12.5 billion in sales that analysts surveyed by Bloomberg expected.

Net income attributable to Facebook shareholders rose to $4.27 billion, or $1.44 per share, in the fourth quarter ended December 31 from $3.56 billion, or $1.21 per share, a year earlier. However, Facebook made sure to note the USA tax bill affected its overall gains.

Once again, mobile advertising did the heavy lifting, accounting for 89 percent of ad revenue in Q4 - a 1 percent increase from the previous quarter.

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