No. The real reason behind the losses is that TikTok became the number 1 app in the world today, and is directly taking away social engagement time from Instagram and Facebook. Heck, Zuckerberg admitted it himself in a post today:
"[...] there are two things that I want to call out that are having an impact on our business. The first is competition. People have a lot of choices for how they want to spend their time and apps like TikTok are growing very quickly."
Well itβs no longer the in thing, and TikTok is the new kid on the block. In the UK kids think FaceBook is for old people and use Snapchat and TikTok.
"[...] there are two things that I want to call out that are having an impact on our business. The first is competition. People have a lot of choices for how they want to spend their time and apps like TikTok are growing very quickly."