The company's earnings call last night painted a dismal picture. Its flagship Facebook platform lost about a million daily active users last quarter, the first time that has happened. Instagram and WhatsApp may still be growing but not by much—last quarter, the company added just 10 million users across all its apps. Meta lost $10 billion on its Reality Labs division, which handles VR and AR, the stuff it has been betting its future on. And the company said that it expects Apple's App Tracking Transparency feature to slash the coming year's revenue by $10 billion, or about 10 percent.

The market did not react kindly to the news. Meta's stock has taken a massive hit and is currently trading down around 24 percent below yesterday's close, wiping around $200 billion off its market cap.

App Tracking Transparency

There was even bad news buried in the bad news. CFO Dave Wehner said that the hit from iOS's App Tracking Transparency feature was a best guess. "We're just estimating what we think is the overall impact of the cumulative iOS changes to where the 2022 revenue forecast is," he said. "If you aggregate the changes that we're seeing on iOS, that's the order of magnitude. We can't be precise on this. It's an estimate."