On Tuesday, Facebook and Instagram both went down, causing panic and distress among millions of users worldwide. Meta, the parent company of both platforms, acknowledged the problem and stated that ‘it is working to fix it‘. Later, Meta confirmed that a technical issue caused the outage, and it has now been resolved.
However, this outage might have cost Meta a significant amount in lost ad revenue.
During the final quarter of 2023, Meta earned $38.7 billion in ad revenue, which translates to around $420 million per day for 92 days. And this amounts to roughly $292,119 per minute.
At its last earnings call, Meta estimated that over three billion people use one of its sites on a daily basis, generating billions of clicks, comments, and likes that translate into significant revenue.
While the downtime has resulted in significant losses for the company, the exact figure is still undisclosed. However, some reports state that the company has lost millions of dollars amid the outage.
