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Mark Zuckerberg has made it his goal to "fix" Facebook. Now his fixes may be causing new problems for the stock....

Posted: Feb 1, 2018 9:38 AM
Updated: Feb 1, 2018 9:38 AM

Mark Zuckerberg has made it his goal to "fix" Facebook. Now his fixes may be causing new problems for the stock.

Facebook's CEO told investors Wednesday that tweaks made to the content it shows users has led to a notable drop in the amount of time users spend on the social network.

"In total, we made changes that reduced time spent on Facebook by roughly 50 million hours every day," Zuckerberg said in a statement with the company's fourth quarter earnings report.

The decline is said to come from a decision to show fewer viral videos in the News Feed.

Facebook also reported its first-ever decline in daily users in the U.S. and Canada. It had 184 million daily users in this region in the quarter, down from 185 million in the prior quarter.

The stock fell 5% in after-hours trading following the report, a rare decline for a company that consistently outpaces Wall Street's estimates.

Facebook has rattled investors in recent months with a series of announcements in response the platform's role in enabling fake news, filter bubbles and foreign meddling in the U.S. election.

Related: Mark Zuckerberg is fighting to save Facebook

This month, Facebook announced plans to show users more content from friends in the News Feed and less from brands and publishers in an effort to boost the well-being of users. In particular, Zuckerberg targeted videos and articles that users consume passively, without commenting or sharing.

Zuckerberg previously said the change could lead to a drop in user engagement and time spent on the platform, but would ultimately improve the quality of the user experience.

The move raised concerns among investors about the impact on Facebook's core advertising business. For now, Facebook continues to be an ad sales juggernaut.

Sales hit nearly $13 billion for the quarter, an increase of 47% from the same period a year earlier. The company now has 2.13 billion monthly active users and 1.4 billion daily users, and advertisers are eager to reach that massive audience.

Earlier this month, Zuckerberg said his personal goal for 2018 is "fixing" Facebook's many problems. He cited the need to "protect our community from abuse and hate, defending against interference by nation states" and "making sure that time spent on Facebook is time well spent."

In November, he said the company is "investing so much in security that it will impact our profitability." That investment includes doubling the number of people who work on safety and security to 20,000.

The announcement came on the same day that executives from Facebook, Google and Twitter testified before Congressional hearings into how Russian actors used social media to meddle in the 2016 presidential election.

Minnesota Coronavirus Cases

Data is updated nightly.

Cases: 312969

Reported Deaths: 3637
CountyCasesDeaths
Hennepin661641115
Ramsey27766505
Anoka22149228
Dakota22015190
Washington13999115
Stearns13733116
St. Louis8747112
Scott846255
Wright775843
Olmsted665634
Sherburne587641
Clay498457
Carver474213
Blue Earth414116
Rice412836
Kandiyohi408122
Crow Wing359634
Otter Tail314322
Chisago311611
Nobles308730
Benton299451
Winona276930
Mower261623
Douglas260337
Polk256324
Morrison231629
Lyon218711
Beltrami217117
McLeod212812
Becker205415
Goodhue203228
Steele19497
Isanti190617
Itasca190423
Carlton185816
Todd181214
Nicollet162525
Mille Lacs153631
Freeborn15336
Le Sueur147011
Cass143710
Brown141315
Waseca139211
Pine13658
Meeker12879
Roseau11964
Hubbard114925
Martin113320
Wabasha10561
Redwood94619
Chippewa8877
Cottonwood8664
Renville86527
Dodge8600
Watonwan8544
Wadena8016
Sibley7934
Rock7779
Aitkin76730
Pipestone72518
Fillmore6990
Houston6984
Yellow Medicine64812
Pennington6478
Kanabec61913
Murray5873
Swift5838
Faribault5612
Pope5391
Clearwater5248
Stevens5103
Marshall4979
Unassigned49359
Jackson4881
Lake4226
Koochiching3926
Wilkin3895
Lac qui Parle3773
Lincoln3591
Norman3497
Big Stone3182
Mahnomen2964
Grant2796
Kittson2248
Red Lake2133
Traverse1481
Lake of the Woods1001
Cook720

Iowa Coronavirus Cases

Data is updated nightly.

Cases: 227398

Reported Deaths: 2368
CountyCasesDeaths
Polk33642336
Linn14352165
Scott1124986
Black Hawk10893135
Woodbury10372126
Johnson955336
Dubuque923291
Story678822
Dallas637257
Pottawattamie631970
Sioux370325
Webster358535
Cerro Gordo357144
Marshall348546
Clinton331344
Buena Vista305414
Des Moines291520
Muscatine289268
Warren281914
Plymouth276042
Wapello255772
Jones232313
Jasper217944
Marion205320
Lee203917
Carroll198422
Bremer195212
Henry18307
Crawford174616
Benton170619
Tama154340
Jackson144613
Delaware144221
Washington141314
Dickinson139210
Boone137011
Mahaska126827
Wright12456
Clay11784
Buchanan117010
Hardin115810
Page11374
Hamilton11199
Clayton11175
Cedar108413
Harrison107729
Kossuth10667
Calhoun10617
Floyd105016
Mills10487
Fayette103910
Lyon10338
Butler10216
Poweshiek99313
Winneshiek97613
Iowa95812
Winnebago93023
Hancock8677
Grundy86311
Louisa86216
Sac8608
Chickasaw8574
Cherokee8484
Allamakee81811
Cass81623
Mitchell7984
Appanoose79312
Humboldt7715
Union7706
Shelby76511
Emmet76424
Guthrie75415
Franklin73921
Jefferson7142
Madison6864
Unassigned6690
Palo Alto6554
Keokuk5997
Howard5599
Pocahontas5584
Greene5250
Osceola5241
Ida48913
Clarke4874
Davis4709
Taylor4653
Montgomery46311
Monroe44412
Adair4418
Monona4352
Worth3630
Fremont3583
Van Buren3585
Lucas3256
Decatur3170
Wayne3007
Audubon2962
Ringgold2112
Adams1702
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