Have you been giving Facebook the skip lately and spending more time making videos on TikTok and YouTube? If yes, then you are perhaps to be blamed for the social media giant’s massive dip in its daily active users (DAUs). And this drop is pretty historic because it’s happened to the Massachusetts company for the first time in its 18-year history.

According to Facebook’s parent company Meta Networks, DAUs fell to 1.929bn in the three months to the end of December in comparison to 1.930bn in the previous quarter. And what’s worse? Meta’s shares slumped by more than 20% in after-hours trading in New York as the US tech company anticipates slowing revenue growth in the face of competition from rivals like TikTok and YouTube even as advertisers are also cutting spending. This slump in Meta’s share price also wiped around $200bn (Dh740bn) off the company’s stock market value.

Meta, which owns the world’s second biggest digital advertising platform after Google, also said it had been hit by privacy changes on Apple’s operating system.

The changes have made it harder for brands to target and measure their advertising on Facebook and Instagram. Shares in other social media platforms, including Twitter, Snap and Pinterest, also fell sharply in extended trading.