Shares of Meta, Pinterest and Snap are down an average of 41% this year thus far. In recent months, tech companies have gone from being speculative winners to potential value plays with the social-media sector hardly an exception. In short, it makes little sense for the stock to make big moves on quarterly fluctuations of just one million or so users. On a base of 3.64 billion in the first quarter, that would equate to about 109 million users. While that margin varies by period and category, Facebook said for its global family of apps it could generally be defined as approximately 3% of its monthly active users.
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It goes on to note that regular review of its calculation processes can result in adjustments to its historical data, which it said it generally doesn’t intend to update so long as the changes fall within its error margin. The company talks about inherent challenges in tracking usage of its products, adding that it requires “significant judgment” and is also susceptible to technical errors.
Meta’s latest quarterly filing opens with a disclosure of “limitations of key metrics,” specifically user ones. Similarly, Meta said in a filing that in the fourth quarter of 2021 around 11% of monthly active users for its Facebook app could be duplicate accounts.
The difference wasn’t particularly large: Twitter said it accounted for about 1.9 million fewer monetizable daily active users in the fourth quarter of 2021, for example, out of a restated total of 214.7 million. Twitter said Thursday it actually misstated its mDAUs for 12 consecutive quarters through the end of last year, giving itself credit for multiple accounts being owned by a single user. Ultimately, most user metrics are a bit hazy, no matter which a company opts for. and Canada, Facebook generated an average of more than $48 per monthly user in the first quarter Pinterest generated $4.98. Per its annual filing, Pinterest’s growth efforts “are not currently focused on increasing the number of daily active users, and we do not anticipate that most of our users will become daily active users.” You could give them credit for not trying to be something they aren’t, but you have to imagine the daily tally is pretty unimpressive for the company to open itself up to perhaps the most intimidating comparison ever: Like Pinterest, Meta also calculates average revenue per user with monthly user metrics. That was convenient: Back then Meta’s Facebook app seemed to have around 10 times the number of daily users as Twitter did.ĭoesn’t. The new metric is “not comparable to current disclosures from other companies,” Twitter said in its fourth-quarter 2018 shareholder letter, noting its goal wasn’t to disclose the largest daily active user number it could. But in early 2019, Twitter introduced a novel metric, “monetizable daily active users,” which it defined as those users who could view ads. Was telling investors that daily active user growth was “the best measure” of its success in driving the use of the platform as a daily utility. Even though its hottest asset these days is Instagram, those specific user numbers remain anyone’s best guess. It tells you how many people use its Facebook app and its broader “family” of apps on a daily and monthly basis, respectively. Simultaneously shares so much and yet so little. All social-media companies seem to have their own standard for how they measure their breadth. Ad revenue is money and, we have to hope, not something that can be so easily fudged or forgivably miscounted.